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EURUSD Bounce Rejected at Confluence of Former High and Fibonacci

EURUSD Bounce Rejected at Confluence of Former High and Fibonacci

2012-10-02 22:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Bounce Rejected at Confluence of Former High and Fibonacci

Prepared by Jamie Saettele, CMT

“The area in front of 12800 is proving strong as support, which raises the specter of a more pronounced bounce. Initial resistance from the 38.2% retracement of the decline from 13071 was nearly reached. A push through would probably result in a test of the 61.8% retracement / 9/21 high at 13030/47. A drop below 12802 would eliminate anything constructive in the near term and shift focus to the much discussed 12740/50.” It’s instructive that the EURUSD hourly bar on the London close was a JS Thrust (large range) and failed just above the 38.2% retracement and 9/28 high. The 3 wave advance from 12802 and failure at the level raises the specter that a secondary top is in place and that the EURUSD is headed for the well-defined 12750/50. Interestingly, a drop from Tuesday’s high would equal 61.8% of the 13172-12802 decline at 12739 (exact same level as the 38.2% retracement of the rally from the June low). I am on the lookout for short opportunities on intraday charts.

LEVELS: 12754 12802 12876 12935 12967 13010/30

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