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EURUSD Bullish as Long as 1.2405 Holds

EURUSD Bullish as Long as 1.2405 Holds

2012-08-24 11:59:00
Christopher Vecchio, CFA, Senior Strategist
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4-Hour Bars

eliottWaves_eur-usd_body_Picture_8.png, EURUSD Bullish as Long as 1.2405 Holds

Prepared by Christopher Vecchio, Currency Analyst

The EURUSD’s gains continue, as anticipated, at least on a technical basis, and have been aided by the Federal Reserve’s more dovish than anticipated Minutes. Nevertheless, gains should persist, though we have slightly altered our outlook: while the ascending channel off of the July 24 and August 2 lows remain, it is possible that it a Wedge has formed. Resistance was hit yesterday at 1.2560 (a level noted on Wednesday for the first time), and a daily close above said level will be necessary for further gains. Similarly, the Inverse Head & Shoulders pattern off of the low is in play. Given the Head at 1.2040/45, this would draw into focus 1.2760 as long as price holds above 1.2405. Interim resistance comes in at 1.2560, 1.2615/20 (channel resistance, 100-DMA), and 1.2680 (long-term descending channel resistance). Near-term support comes in at 1.2500, 1.2440/45 (former swing highs), 1.2405 (Neckline), 1.2310/30, 1.2250/65, and 1.2155/70.

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