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FOREX Technical Analysis: EURUSD Bounces from Channel and Fibonacci Confluence

FOREX Technical Analysis: EURUSD Bounces from Channel and Fibonacci Confluence

2012-11-07 01:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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FOREX_Technical_Analysis_EURUSD_Bounces_from_Channel_and_Fibonacci_Confluence_body_eurusd.png, FOREX Technical Analysis: EURUSD Bounces from Channel and Fibonacci Confluence

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: The high for the month thus far is day 1 of the month and the EURUSD has traded into channel support and the 100% extensions of the 13172-12803 and 13139-12882 declines. The bounce from the confluence of technical levels is overlapping at small degrees of trend and suggests that strength is corrective.

FOREX Trading Strategy Implications: The rally from Tuesday’s low, while corrective, could be the beginning of something that extends into 12842/82. That said, risk is lower against 12982. I would go with weakness on a drop below 12762 as well. In summary, risk is lower but I would rather sell slightly higher levels or a new low.

LEVELS: 12650 12692 12762 12842 12882 12924

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