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FOREX Technical Analysis: EUR/USD Rallies for 12th Day in Last 15

FOREX Technical Analysis: EUR/USD Rallies for 12th Day in Last 15

2012-12-05 01:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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FOREX_Technical_Analysis_EURUSD_Rallies_for_12th_Day_in_Last_15_body_eurusd.png, FOREX Technical Analysis: EUR/USD Rallies for 12th Day in Last 15

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The EURUSD continues to crawl higher. I’m sure I sound like a broken record but “there is not enough evidence to trade from the short side in my opinion but that doesn’t mean that the EURUSD isn’t at a ‘high risk’ zone for bulls. The final level of potential resistance would be 13115.” What would constitute ‘enough evidence’ to trade from the short side? An inside day or JS Spike are examples of objective setups that may result in bearish opportunities. Subjectively speaking, it appears that several 4th and 5th waves at small degree of trend are needed to complete the advance from 12879. 13045 is estimated support.

FOREX Trading Strategy: Nothing yet.

LEVELS: 12968 13008 13050 13115 13172 13226

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