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Forex Technical Analysis: EURUSD at Risk Below Monday High

Forex Technical Analysis: EURUSD at Risk Below Monday High

2012-10-23 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, Forex Technical Analysis: EURUSD at Risk Below Monday High

Chart Prepared by Jamie Saettele, CMT

Forex Observations: The EURUSD drop below 12990 invalidates an impulsive interpretation of strength from 12825. The rally from the October 1 low is left as a 3 wave advance and is either part of a larger triangle or flat or even the resumption of the long term downtrend. It’s too early to tell but the structure of weakness from 13138 should show the way.

Forex Trading Strategy Implications: Market risk is lower against Monday’s high but expect a reaction at 12890-12910.

LEVELS: 12824 12890 12930 13010 13040 13082

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