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EURUSD Monday Low is Pivot for Next Move

EURUSD Monday Low is Pivot for Next Move

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Monday Low is Pivot for Next Move

Prepared by Jamie Saettele, CMT

Several technical considerations warrant a bullish bias at the current juncture, such as daily RSI correcting from nearly 80 to 60, a key reversal on the 240 minute chart at the low (first since 8/10) and the EURUSD responding to support just below 12900 (congestion from 9/12-9/13, 23.6% of rally from July low, topside of former channel). From a trading (risk) standpoint, Monday’s low is important. A drop below would shift focus to the next cluster of support at 12740/60. Exceeding 13000 would increase confidence that the next bull leg is underway.

LEVELS: 12755 12815 12890 13000 13047 13084

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