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EURUSD 13090-13115 May Pose Problems in Near Term

EURUSD 13090-13115 May Pose Problems in Near Term

2012-10-16 21:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD 13090-13115 May Pose Problems in Near Term

Prepared by Jamie Saettele, CMT

“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. Near term reward/risk remains favorable against 12800 towards the September high.” The daily momentum profile remains bullish and the close above the 61.8% retracement (13030) is constructive but 13090-13115 is a level that could inspire a downside reaction in the near term. In other words, 13090-13115 is a high risk short term level for bulls. 12990, which was resistance on the way up, is now support.

LEVELS: 12929 12960 12990 13090 13115 13071

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