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
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