EURUSD Holds Monthly Pivot and Fibonacci Level
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) decreases confidence in the upside but the market’s response to the monthly calculated pivot and Fibonacci extension (12940/43) on Wednesday is bullish.
LEVELS: 12755 12802 12835 12936 12990 13071
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.