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EURUSD 12830/43 is Support before October Low

EURUSD 12830/43 is Support before October Low

2012-10-09 00:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD 12830/43 is Support before October Low

Prepared by Jamie Saettele, CMT

“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.” If 12802 gives way, then risk shifts towards 12740/55 and the 100% extension at 12702. Failure to hold the 61.8% retracement of the rally from 12802 (12905) certainly decreases confidence in the upside but 12830/43 is a level to watch for support Wednesday.

LEVELS: 12755 12802 12843 12900 12936 12990

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