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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.11140.00

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
    1.3457-0.0002-0.02%
    USDSGD=X
    1.4957-0.0003-0.02%
    EURSGD=X
    2.0955-0.0004-0.02%
    GBPSGD=X
    91.3060+0.0616+0.07%
    SGDJPY=X
    5.7610+0.001+0.02%
    SGDHKD=X
    2.8150+0.0005+0.02%
    SGDMYR=X
    9,933.5156+1.8623+0.02%
    SGDIDR=X
    4.6120+0.0009+0.02%
    SGDCNY=X
    1.0116-0.0002-0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,167.80+4.30+0.37%
    GCQ15.CMX
    15.70+0.09+0.56%
    SIZ15.CMX
    62.65+1.28+2.08%
    ^XAU
    2.62-0.01-0.53%
    HGU15.CMX
    55.52-1.41-2.48%
    CLQ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.65-0.06
    ^FVX
    2.39-0.02
    ^TNX
    3.190.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.156-0.009-5.45%
    5DN.SI
    0.300.000.00%
    5WA.SI
    0.189+0.001+0.53%
    5MC.SI
    0.865+0.015+1.76%
    N03.SI
    0.4150.0000.00%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.55+0.09+20.88%
    BAJ.SI
    0.515+0.075+17.05%
    AWV.SI
    0.215+0.031+16.85%
    AZR.SI
    0.22+0.03+15.79%
    AZT.SI
    0.54+0.06+12.50%
    AWZ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.06-0.06-50.00%
    5TW.SI
    0.09-0.03-25.00%
    40R.SI
    0.31-0.09-22.50%
    AVW.SI
    0.10-0.02-15.25%
    5I1.SI
    0.33-0.05-13.16%
    5UL.SI