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EURUSD ECB Rate Decision Trade Opportunity

EURUSD ECB Rate Decision Trade Opportunity

2012-10-03 23:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD ECB Rate Decision Trade Opportunity

Prepared by Jamie Saettele, CMT

The EURUSD is treading water ahead of the ECB rate decision and US Fed minutes. Resistance from the 38.2% retracement of the decline from 13071 has been reached but the narrow range of the last 2 days following the strong reaction at 12800 is suggestive of consolidation before a move towards the 61.8% retracement of the decline from 13172 and 9/21 high at 13030/47. 13115 and the high at 13172 are also in play of course. I’ll be looking for signs of failure near the top of the range, especially if on a post ECB or Fed minutes reaction. A drop below 12802 would shift focus to 12740/50. Short term Fibonacci support rests just below 12876 (Wednesday low) at 12865. In summary, I am bullish now and will probably turn bearish tomorrow.

LEVELS: 12754 12802 12876 12967 13030/47 13115

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