News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
EURUSD Inside Day Reminiscent of October 2011 Reversal

EURUSD Inside Day Reminiscent of October 2011 Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Inside Day Reminiscent of October 2011 Reversal

Prepared by Jamie Saettele, CMT

The last comments before my break were that “the move likely extends a bit higher…12566 and 12753 are objectives. Interestingly, these levels coincide with former pivots from early July (12558) and the former 4th wave of one less degree (12747).” The EURUSD extended higher than most bulls had probably expected and many are asking if this rally is the beginning of a larger uptrend. Consider that the current level is defined by former 4th wave extremes at 12747 and 12824, the trendline that extends off of highs in February, March and April, and channel resistance (albeit upward sloping) and then ask if you should turn bullish following an 800 pip run. My next move is to turn bearish but I don’t know if it will be after a slight new high (above Friday’s high) or after a drop below 12650. Sit tight for now but I must acknowledge today’s inside day following an extreme range day (on news) is the exact same setup that occurred on 7/2 and 10/28/11.

LEVELS: 12685 12720 12750 12824 12900 12955

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