News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
FOREX Technical Analysis: EURUSD 12800 Holds Key for Next Move

FOREX Technical Analysis: EURUSD 12800 Holds Key for Next Move

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EURUSD 12800 Holds Key for Next Move

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: The EURUSD is holding 12890. “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: With price responding to 12890, respect potential for a bounce from current levels as long as price is above 12800. 13010/20 is resistance.

LEVELS: 12803 12855 12887 12963 13022 13055

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

DISCLOSURES