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FOREX Technical Analysis: EUR/USD Trendline in Play for NFP at 1.2955

FOREX Technical Analysis: EUR/USD Trendline in Play for NFP at 1.2955

2013-01-03 02:07:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD Trendline in Play for NFP at 1.2955

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: EURUSD weakness to begin the year is intense to say the least. In fact, today’s drop constitutes a JS Thrust (largest range over the last 20 days and a down day) and may signal the beginning of a larger bear move. Still, expect a reaction at 13000, which was resistance at times throughout October and November. Trendline support comes in at about 12955 tomorrow.

FOREX Trading Strategy: I’m looking to fade (buy) weakness at or just below 12950 IF on a reaction just after NFP tomorrow.

LEVELS: 12907 12950 1298313080 1312313158

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