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FOREX Technical Analysis: EUR/USD Reversal is Possible after Fed

FOREX Technical Analysis: EUR/USD Reversal is Possible after Fed

2012-12-11 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD Reversal is Possible after Fed

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: There is no change to the call for a slightly higher EURUSD. “Look higher from the current level towards 13030 (61.8% retracement). Given event risk, I’d not be surprised to see an emotional market that spikes through that level and into 13065. Interim resistance is expected at 12975. Ultimately, the rally from Friday’s low is expected to prove corrective before lower prices are registered later in the month.”

FOREX Trading Strategy: I’ve exited longs from Sunday night and the next move is either selling into 13030/65 or buying below 12950. The intraday setup must be ‘right’ and any updates will be released via Twitter @JamieSaettele.

LEVELS: 12923 12941 12982130301306513126

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