EURUSD Held Hostage by Upcoming Event Risk
Prepared by Jamie Saettele, CMT
“Keep in mind that the Sunday night high at 12667 is just above the 5/18 low and January low. One would think that this level proves a tough one to crack but exceeding 12667 would shift focus to 12725 and even 12820.” The Sunday high is still in place as is the parallel Elliott channel. Given the pending event risk over the weekend however, one should allow for an extreme move in either direction. It is worth noting that 12820 is where the 12287-12267 rally would equal the rally from 12441. I’ve no idea if we get there but that level would be viewed as strong resistance if reached. Also, don’t dismiss continued volatile range trading between 12434 and 12667 before an eventual break. In fact, a model for the current market may be the early March 2010 market (take a look).
LEVELS: 12385 12435 12540 12667 12725 12825
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.