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FOREX Technical Analysis: EURUSD Trading Heavy Before Support

FOREX Technical Analysis: EURUSD Trading Heavy Before Support

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EURUSD Trading Heavy Before Support

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: The EURUSD rally from Wednesday’s low reversed during European hours at former support (10/29 and 10/22 lows). Price is still holding the 61.8% retracement of the rally from 12803. “Taking into account the fact that the October low occurred on day 1 of the month, outcomes to consider from the September high are for completion of a triangle and thrust to a new high and/or an ending diagonal from 12803. In both cases, price heads to new highs while remaining above 12803.” Price has been in a trading range since the September high and it’s impossible to know if an important top is in place or if the action is simply a correction before another high is registered. Focus on the near term.

FOREX Trading Strategy Implications: Thursday’s selling pressure is consistent with a down Friday, especially with a high for the week on Monday). Watch 12890 and 12855 for market responses. The most bearish of outcomes (a 3rd or C wave decline) is valid below 13022. With this in mind, I like trading from the short side (wait for resistance at 12963 though) against 13022 with an objective on half at 12890 and an open objective for the rest in the event of a break.

LEVELS: 12803 12855 12887 12963 13022 13055

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