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EURUSD Gap Reversal Exposes Friday Low

EURUSD Gap Reversal Exposes Friday Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Gap Reversal Exposes Friday Low

Prepared by Jamie Saettele, CMT

I wrote Thursday that the strategy was “to scale into shorts on a test of 12625 and up to 12725 for a drop next week.” Opportunities to fade a Sunday gap open in FX are rare but often present some of the best reward/risk opportunities of the year. Continue to look lower towards 12385/12400 near term. The RSI reversal signal is also bearish. As mentioned during today’s webinar, I’d not be surprised to see support near these levels given the heavy volume that occurred near the lows.

LEVELS: 12336 12385 12410 12525 12565 12667

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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