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FOREX Technical Analysis: EUR/USD Near Term Focus is on 12880-12900

FOREX Technical Analysis: EUR/USD Near Term Focus is on 12880-12900

2012-11-22 00:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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FOREX_Technical_Analysis_EURUSD_Near_Term_Focus_is_on_12880-12900_body_eurusd.png, FOREX Technical Analysis: EUR/USD Near Term Focus is on 12880-12900

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: EURUSD trendline resistance is just above the current price and former support at 12881 remains potential resistance. 12880-2900 may be a level to short early next week. If a complex correction is unfolding from 12661 then the 2 corrective legs would be equal at 12904. Also, one can’t help but notice the similarity between the February-May and September-current periods in price pattern and time. The distance in time between tops earlier in the year was 22 and 25 days. The October top was 21 days from the September top and today is 25 days from the October top. Considering the holiday and current price pattern, one should respect potential for this top to be translated to the right (last slightly longer). That places a top at slightly higher levels early next week.

FOREX Trading Strategy: The larger trend is down and I expect to short early next week, hopefully at higher levels.

LEVELS: 12703 12735 12795 12856 12881 12904

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