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EURUSD Holds 12890, Reinforcing Bullish Bias

EURUSD Holds 12890, Reinforcing Bullish Bias

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Holds 12890, Reinforcing Bullish Bias

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.” Last 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.

LEVELS: 12802 12850 12887 12977 13025 13071

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

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