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FOREX Technical Analysis: EUR/USD Advance Stalls at Fibonacci Resistance

FOREX Technical Analysis: EUR/USD Advance Stalls at Fibonacci Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

FOREX_Technical_Analysis_EURUSD_Advance_Stalls_at_Fibonacci_Resistance_body_eurusd.png, FOREX Technical Analysis: EUR/USD Advance Stalls at Fibonacci Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The EURUSD has entered the bottom of a resistance zone that extends to about 13070. Near term pattern suggests slightly higher prices in stair step fashion (4th and 5th waves) before exhaustion. The topping process that began in May 2011 and February 2012 is similar to the current process that began in September.

FOREX Trading Strategy: I’m looking for a top at slightly higher levels. 13020 and 13070 are levels to keep in mind, especially if reached on any news spikes. 12875/98 is support if reached but a drop that deep would suggest that a top is in as well.

LEVELS: 12833 12874 12914 12990 13020 13070

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

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