FOREX Technical Analysis: EUR/USD Responds to 12770 Resistance

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SymbolPriceChange
EURUSD=X1.1524-0.0002

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FOREX_Technical_Analysis_EURUSD_Responds_to_12770_Resistance_body_eurusd.png, FOREX Technical Analysis: EUR/USD Responds to 12770 Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Monthly opening range implications are bearish EUR/USD with the high occurring on day 1 of the month. Today’s rally reversed after piercing 12770 (JS Thrust close from 11/7). The structure of the rally from 12661 isn’t particularly clean from a structural standpoint.

FOREX Trading Strategy: The larger trend is down against 12981 but reward/risk isn’t favorable at this point. A move above 12800 would warrant action on the short side (12824 in particular). 12685-12705 is potential support before the low. Weakness below 12660 would open up the 50% retracement at 12606.

LEVELS: 12607 12651 12682127801282512882

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3410-0.0012-0.09%
    USDSGD=X
    1.5454-0.0016-0.10%
    EURSGD=X
    1.9662-0.002-0.10%
    GBPSGD=X
    79.3650+0.0443+0.06%
    SGDJPY=X
    5.7865+0.005+0.09%
    SGDHKD=X
    2.9220+0.0025+0.08%
    SGDMYR=X
    9,781.7334+8.21+0.08%
    SGDIDR=X
    4.8288+0.0051+0.11%
    SGDCNY=X
    1.0280-0.0003-0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,293.10-2.70-0.21%
    GCM16.CMX
    17.59-0.09-0.49%
    SIN16.CMX
    90.73-2.12-2.28%
    ^XAU
    2.270.00-0.07%
    HGN16.CMX
    44.82+0.04+0.09%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32+0.04
    ^FVX
    1.87+0.05
    ^TNX
    2.72+0.05
    ^TYX

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