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FOREX Technical Analysis: EURUSD Inside Day Trade Setup

FOREX Technical Analysis: EURUSD Inside Day Trade Setup

2012-11-13 02:30:00
Jamie Saettele, CMT, Sr. Technical Strategist


FOREX_Technical_Analysis_EURUSD_Inside_Day_Trade_Setup_body_eurusd.png, FOREX Technical Analysis: EURUSD Inside Day Trade Setup

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: Opening range implications are bearish EURUSD with the high occurring on day 1 of the month. Price is holding support from former resistance (6/29 high) and today’s inside day presents an opportunity to play the next move. A downside break initially exposes 12650 and an upside break 12770.

FOREX Trading Strategy Implications: I had been looking for a bigger bounce from support and a test of 12770 or even former support at 12825. This may still happen but one should respect the downside if Friday’s low fails to hold. Trade below 12689 warrants shorts towards 12650 and 12607 (50% retracement) with a stop above the Monday high. Trade above Monday’s high would suggest that the bounce into 12770 and perhaps 12825 is underway. In summary, I’m using Friday’s low and Monday’s high as the triggers for the next move.

LEVELS: 12607 12651 12692127401277012825

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