Singapore Markets close in 3 hrs 26 mins

FOREX Technical Analysis: EUR/USD 13030/65 is Near Term Target

Jamie Saettele, CMT

DailyBars

FOREX_Technical_Analysis_EURUSD_1303065_is_Near_Term_Target_body_eurusd.png, FOREX Technical Analysis: EUR/USD 13030/65 is Near Term Target

Chart Prepared by Jamie Saettele, CMT


FOREXAnalysis: There is no change to the EURUSD outlook laid out last week in the Daily Technicals and in Friday’s FX Technical Weekly. 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.


12922


FOREX Trading Strategy: Longs were taken Friday and Sunday night (via Twitter @JamieSaettele) and focus is higher towards the mentioned 13030/65. I’m looking to flip from long to short within that zone, ideally on a Fed meeting reaction Wednesday.



LEVELS: 12837 12875 12922 12975 13008 13030






DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.