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EURUSD 12750 Might be a Magnet

EURUSD 12750 Might be a Magnet

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD 12750 Might be a Magnet

Prepared by Jamie Saettele, CMT

The inability of the EURUSD to hold Monday’s low suggests additional downside into 12746-12823. This zone is defined by pivots from May and June that the market responded to before breaking higher this month. 12740 is also the 38.2% retracement of the rally from the June low and a former 4th wave; in other words, this levels is probably a magnet. The 100% extension of the decline from the top rests within the estimated support zone at 12794 and is worth keeping in mind. Look lower as long as price is below 13047. 12920/40 is resistance ahead of 12970, which is ideally remains intact. I say ideally because corrections can take various forms which makes trading them difficult.

LEVELS: 12755 12816 12886 12920 12940 12970

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

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