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FOREX Technical Analysis: EURUSD Holding Up at Fibonacci Support

FOREX Technical Analysis: EURUSD Holding Up at Fibonacci Support

Jamie Saettele, CMT, Sr. Technical Strategist


FOREX_Technical_Analysis_EURUSD_Holding_Up_at_Fibonacci_Support_body_eurusd.png, FOREX Technical Analysis: EURUSD Holding Up at Fibonacci Support

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 38.2% retracement of the rally from the July low. The level is also defined by the

June high. The decline from the 10/17 high can be counted as an impulse and today also marked a JS Thrust day (large range day).” It was difficult, yet correct, to be bearish several weeks ago above 13000. It’s easy but riskier (at least in the near term) to be bearish at the current level due primarily to support. Even if the EURUSD is headed lower throughout November, the current level to slightly lower would be a good place for a countertrend bounce to materialize.

FOREX Trading Strategy Implications: I am bearish but more so on strength above 12800 than right here. 12981 remains the level that bears should operate against.

LEVELS: 12607 12651 12692 12780 12825 12876

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