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EURUSD Dips and Rebounds from 50% Retracement

EURUSD Dips and Rebounds from 50% Retracement

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Dips and Rebounds from 50% Retracement

Prepared by Jamie Saettele, CMT

The EURUSD has retraced half of the advance from 12803 and any additional weakness would expose support at the 61.8% level of 12905. The EURUSD has entered a long term high risk zone for bulls but the near term trend is constructive as long as price is above 12802. The momentum profile remains bullish as per the RSI reversal signal on 10/1. If the rally materializes, then I’ll be on the lookout for signs of exhaustion above 13170, specifically in the 13283-13385 zone.

LEVELS: 12802 12887 12937 13024 13070 13115

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

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