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FOREX Technical Analysis: EUR/USD Grinds Higher Towards Trendline

FOREX Technical Analysis: EUR/USD Grinds Higher Towards Trendline

2012-11-21 02:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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FOREX_Technical_Analysis_EURUSD_Grinds_Higher_Towards_Trendline_body_eurusd.png, FOREX Technical Analysis: EUR/USD Grinds Higher Towards Trendline

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. Price has traded into former support from the 10/1 and 10/11 lows. Trendline resistance is at about 12840 on Wednesday and former support at 12881 remains potential resistance.

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 12829 Tuesday in what may be the top. Weakness below 12764 would shift focus to 12700, which is still potential support. Medium term focus remains on Fibonacci levels at 12606 and sub 12500.

LEVELS: 12682 12717 12752 12824 12856 12882

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