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

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SymbolPriceChange
EURUSD=X1.11150.00

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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
    1.3799+0.0005+0.03%
    USDSGD=X
    1.5338+0.0005+0.03%
    EURSGD=X
    2.0177+0.0007+0.03%
    GBPSGD=X
    79.8826-0.0587-0.07%
    SGDJPY=X
    5.6286-0.0018-0.03%
    SGDHKD=X
    2.9651-0.0002-0.01%
    SGDMYR=X
    9,841.6572-3.2139-0.03%
    SGDIDR=X
    4.7582-0.0015-0.03%
    SGDCNY=X
    0.9915+0.0003+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,215.30-7.40-0.61%
    GCQ16.CMX
    16.25-0.09-0.57%
    SIN16.CMX
    79.41-2.71-3.31%
    ^XAU
    2.11+0.01+0.40%
    HGN16.CMX
    49.56+0.08+0.16%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.39+0.04
    ^FVX
    1.85+0.03
    ^TNX
    2.65+0.02
    ^TYX

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    Most Actives
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    N21.SI
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    Y92.SI
    0.735+0.025+3.52%
    G13.SI
    3.93+0.07+1.81%
    Z74.SI
    1.0050.0000.00%
    C22.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.245+0.030+13.95%
    F86.SI
    0.255+0.025+10.87%
    PA3.SI
    0.275+0.025+10.00%
    K29.SI
    0.335+0.030+9.84%
    F03.SI
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    BMA.SI
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