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EURUSD Powers into 13000 and Myriad Technical Levels

EURUSD Powers into 13000 and Myriad Technical Levels

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Powers into 13000 and Myriad Technical Levels

Prepared by Jamie Saettele, CMT

EURUSD weakness continues to prove corrective as the pair touched 13000 today for the first time since May 9th. Given monthly opening range implications, one should treat the daily trend as up into month end but the psychological 13000 is certainly a good place for some consolidation. The level is also defined by pivot lows in February, March and April, and the 52 week average. Daily RSI is at its highest since October 1st last year, which is actually a bullish condition when viewed in the context of the next few weeks but is consistent with at least a day of weakness. As focused on in recent days, the next big upside level is the may gap at 13080 although 13145, the October 2011 low and 50% retracement of decline from October 2011 high, is even bigger. In summary, continue to expect any weakness to prove corrective. Support to now begin at 12935 (12850 would be the ideal entry against 12750).

LEVELS: 12870 12900 12935 13000 13080 13145

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