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EURUSD 13115 Considered a High Risk Level for Bulls

EURUSD 13115 Considered a High Risk Level for Bulls

2012-10-04 22:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD 13115 Considered a High Risk Level for Bulls

Prepared by Jamie Saettele, CMT

I wrote yesterday regarding the EURUSD that “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. In summary, I am bullish now and will probably turn bearish tomorrow.” 13030 has been reached and although the rally may be stretched on an intraday basis, there is little (if any) reason to turn bearish right now. The rally has been steady, rather than in ‘news spike’ fashion, which is typically more sustainable. 12970/95 is near term support and a drop below 12900 is needed in order to suggest something bearish. Until then, look higher towards 13115 and the high.

LEVELS: 12936 12966 12995 13047 13115 13172

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