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FOREX Technical Analysis: EUR/USD Former Support at 12824 in View

FOREX Technical Analysis: EUR/USD Former Support at 12824 in View

Jamie Saettele, CMT, Sr. Technical Strategist


FOREX_Technical_Analysis_EURUSD_Former_Support_at_12824_in_View_body_eurusd.png, FOREX Technical Analysis: EUR/USD Former Support at 12824 in View

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Monthly opening range implications are bearish EUR/USD with the high occurring on day 1 of the month. It appears that the decline that began late Wednesday at 12779 is either wave B or 2 (depending on the larger trend). Either way, price is likely to extend higher in the near term while above 12700. The 100% extension of the rally from 12661 comes in at 12835 (in line with former support at 12824) and the 161.8% comes in at 12909. Former support at 12881 intersects trendline resistance on Friday. Weakness below 12700 would suggest that the downtrend has resumed.

FOREX Trading Strategy: The larger trend is down against 12981 and those looking to sell rallies should have the opportunity to do so in the next several days. The first area to expect resistance is 12824/35. Given that we are coming off of a larger top however, do not be surprised to see a probe of 12880. If the larger trend is down, then as much doubt needs to be cast as possible in order for the next leg down to be powerful.

LEVELS: 12682 12717 12752 12824 12856 12882

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