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FOREX Technical Analysis: EUR/USD Outside Day and Fibonacci Rejection is Bearish

Jamie Saettele, CMT

DailyBars

FOREX_Technical_Analysis_EURUSD_Outside_Day_and_Fibonacci_Rejection_is_Bearish_body_eurusd.png, FOREX Technical Analysis: EUR/USD Outside Day and Fibonacci Rejection is Bearish
FOREX_Technical_Analysis_EURUSD_Outside_Day_and_Fibonacci_Rejection_is_Bearish_body_eurusd.png, FOREX Technical Analysis: EUR/USD Outside Day and Fibonacci Rejection is Bearish

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Yesterday – “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.” The outside day and 3rd consecutive failure to close above the 61.8% retracement of the decline from the top is enough evidence to turn bearish now rather than wait for 13020/70.

FOREX Trading Strategy: Short term resistance for entry is 12968 for a drop into 12792-12833 (50%-61.8% of rally from 12659). The EURJPY (I am short) may be an even better option.

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LEVELS: 12792 12833 12890 12968 13008 13020

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