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EURUSD Outside Day Forms above October Low

EURUSD Outside Day Forms above October Low

2012-10-11 22:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Outside Day Forms above 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.” Thursday’s outside day above the October low highlights the strong demand in front of 12800. Near term reward/risk remains favorable against 12800 towards the September high. If 12800 is breached, then the short term channel comes in just under 12740 Friday.

LEVELS: 12802 12850 12887 12977 13025 13071

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