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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.0984+0.01

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.

--

Did you know that you can get stories like this on the Yahoo mail app?
Download it here.
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
    1.3179-0.0094-0.71%
    USDSGD=X
    1.4475+0.0029+0.20%
    EURSGD=X
    2.0205-0.0007-0.03%
    GBPSGD=X
    90.2132+0.4859+0.54%
    SGDJPY=X
    5.8807+0.0414+0.71%
    SGDHKD=X
    2.6957+0.025+0.94%
    SGDMYR=X
    9,813.7266+57.0605+0.58%
    SGDIDR=X
    4.7068+0.021+0.45%
    SGDCNY=X
    1.0565+0.0145+1.39%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,214.10+10.90+0.91%
    GCM15.CMX
    16.64+0.24+1.47%
    SIK15.CMX
    74.25+2.58+3.60%
    ^XAU
    2.79+0.01+0.52%
    HGN15.CMX
    57.21+0.22+0.39%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.39+0.05
    ^FVX
    1.98+0.06
    ^TNX
    2.67+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.2950.0000.00%
    5WA.SI
    0.865+0.015+1.76%
    N21.SI
    0.42-0.01-1.18%
    E5H.SI
    0.235+0.005+2.17%
    5GB.SI
    0.745-0.020-2.61%
    Y92.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.159+0.046+40.71%
    5IF.SI
    0.28+0.06+27.27%
    5OC.SI
    0.136+0.026+23.64%
    5UA.SI
    0.23+0.02+9.52%
    M11.SI
    0.24+0.02+9.09%
    5CF.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.188-0.052-21.67%
    5OF.SI
    0.089-0.016-15.24%
    S13.SI
    1.40-0.13-8.50%
    T14.SI
    0.325-0.030-8.45%
    T43.SI
    0.435-0.040-8.42%
    CH8.SI