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FOREX Technical Analysis: EUR/USD Reverses after Penetrating 12800

FOREX Technical Analysis: EUR/USD Reverses after Penetrating 12800

Jamie Saettele, CMT, Sr. Technical Strategist


FOREX_Technical_Analysis_EURUSD_Reverses_after_Penetrating_12800_body_eurusd.png, FOREX Technical Analysis: EUR/USD Reverses after Penetrating 12800

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. The Monday advance traded into former support from the 10/1 and 10/11 lows before reversing sharply on news of the French downgrade.

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.” The EURUSD traded to 12819 Monday in what may be the top. Weakness below 12739 would confirm as much although 12700 is still potential support. Medium term focus remains on Fibonacci levels at 12606 and sub 12500.

LEVELS: 12682 12717 12752 12824 12856 12882

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