FOREX Technical Analysis: EUR/USD Focus is on 12880 ahead of NFP

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EURUSD=X1.0857-0.0032

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FOREX_Technical_Analysis_EURUSD_Focus_is_on_12880_ahead_of_NFP___body_eurusd.png, FOREX Technical Analysis: EUR/USD Focus is on 12880 ahead of NFP

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The much anticipated EURUSD reversal materialized after price slightly exceeded the September reversal day close of 13115. Bigger picture, the decline from 13171 is in 3 waves and the rally from 12659 is in 5 waves. The implications are for weakness from 13126 to prove corrective (if it doesn’t then there the rally from November was likely a truncated C wave; either way, price is probably headed lower in December). 12878/92 (former 4th wave and 50% retracement) is a level that probably provides support for what is probably wave A of a 3 wave decline. Getting ahead of ourselves, a B wave rally would be expected upon completion of wave A. Perhaps such a rally culminates in fiscal cliff or QE ‘news’ but is then completely retraced at the end of December in illiquid markets in wave C. 12837 (61.8%) and perhaps 12800 would come into focus later in the month. In any case, the EURUSD should offer opportunities this month.

FOREX Trading Strategy: I’m a seller from 12990 to 13008 and a buyer (if reached tomorrow or Monday) at 12880.

LEVELS: 12837 12880 12947 12990 13008 13040

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3863+0.0053+0.38%
    USDSGD=X
    1.5047+0.001+0.06%
    EURSGD=X
    2.1533+0.0037+0.17%
    GBPSGD=X
    89.7901-0.2675-0.30%
    SGDJPY=X
    5.5933-0.0215-0.38%
    SGDHKD=X
    2.7945-0.0074-0.26%
    SGDMYR=X
    9,751.1299-33.8057-0.35%
    SGDIDR=X
    4.4786-0.0178-0.40%
    SGDCNY=X
    1.0201+0.0011+0.11%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,084.90-5.60-0.51%
    GCU15.CMX
    14.55-0.05-0.37%
    SIZ15.CMX
    45.67+0.14+0.30%
    ^XAU
    2.34-0.02-0.74%
    HGU15.CMX
    46.26+0.13+0.28%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.59+0.08
    ^FVX
    2.21+0.06
    ^TNX
    2.89+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.59-0.01-1.67%
    N21.SI
    2.38+0.03+1.28%
    MC0.SI
    0.85-0.05-5.56%
    G13.SI
    0.125-0.004-3.10%
    5DN.SI
    3.16-0.02-0.63%
    C31.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.655+0.080+13.91%
    UD3.SI
    0.118+0.013+12.38%
    B32.SI
    0.185+0.022+13.50%
    AFC.SI
    0.33+0.03+8.20%
    R14.SI
    0.26+0.01+6.12%
    M11.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.15-0.04-22.68%
    40N.SI
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    D3W.SI
    1.085-0.115-9.58%
    AYN.SI
    0.205-0.020-8.89%
    5OY.SI
    0.225-0.015-6.25%
    M14.SI