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FOREX Technical Analysis: EUR/USD Supported before 12650

FOREX Technical Analysis: EUR/USD Supported before 12650

2012-11-14 01:07:00
mie Saettele,
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FOREX_Technical_Analysis_EURUSD_Supported_before_12650_body_eurusd.png, FOREX Technical Analysis: EUR/USD Supported before 12650

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Opening range implications are bearish EUR/USD with the high occurring on day 1 of the month. Monday’s today’s inside day was broken to the downside but price is still holding former resistance (6/29 high) on a daily closing basis. The close near the day’s high reveals a lack of selling pressure.

FOREX Trading Strategy: The inside day breakdown trade remains valid as long as price is below Monday’s high (12738) but the lack of follow through on the trigger leaves me with little confidence in the downside at the current level. Exceeding 12738 would face potential resistance at 12770 and 12824 (former support). A crack of 12660 opens up 12607 (50% retracement) again.

LEVELS: 12607 12651 12682127401277012824

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