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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.3822+0.0008

DailyBars

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

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.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2503-0.0028-0.22%
    USDSGD=X
    1.7282-0.0029-0.17%
    EURSGD=X
    2.1001+0.0041+0.20%
    GBPSGD=X
    81.8326+0.5363+0.66%
    SGDJPY=X
    6.2023+0.0149+0.24%
    SGDHKD=X
    2.5929+0.0043+0.16%
    SGDMYR=X
    9,183.2490+58.2393+0.64%
    SGDIDR=X
    4.9753+0.0106+0.21%
    SGDCNY=X
    1.17310.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,300.10-0.20-0.02%
    GCM14.CMX
    19.58+0.10+0.49%
    SIK14.CMX
    91.42-0.46-0.50%
    ^XAU
    3.03+0.04+1.31%
    HGK14.CMX
    103.66-0.09-0.09%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.63+0.02
    ^FVX
    2.64+0.02
    ^TNX
    3.47+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.117-0.006-4.88%
    B22.SI
    1.275+0.020+1.59%
    N21.SI
    2.190.0000.00%
    JS8.SI
    0.605+0.015+2.54%
    E5H.SI
    0.97+0.060+6.59%
    B20.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.445+0.055+14.10%
    5UL.SI
    0.20+0.020+11.11%
    567.SI
    0.174+0.013+8.07%
    540.SI
    0.67+0.050+8.06%
    5VT.SI
    0.425+0.030+7.59%
    5FD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.096-0.011-10.28%
    S13.SI
    0.315-0.025-7.35%
    O08.SI
    0.139-0.010-6.71%
    5GB.SI
    0.30-0.020-6.25%
    502.SI
    0.132-0.008-5.71%
    5BM.SI