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

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SymbolPriceChange
EURUSD=X1.3831-0.0001

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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
    1.25810.000.00%
    USDSGD=X
    1.7401-0.0001-0.01%
    EURSGD=X
    2.11380.000.00%
    GBPSGD=X
    81.2896-0.00240.00%
    SGDJPY=X
    6.16270.000.00%
    SGDHKD=X
    2.59840.000.00%
    SGDMYR=X
    9,256.0225-0.00390.00%
    SGDIDR=X
    4.96690.000.00%
    SGDCNY=X
    1.1655+0.0003+0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,293.40+2.80+0.22%
    GCM14.CMX
    19.69+0.01+0.04%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.12-0.01-0.16%
    HGK14.CMX
    101.91-0.03-0.03%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

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  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.123+0.001+0.82%
    B22.SI
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    545.SI
    0.635+0.040+6.72%
    5WH.SI
    0.615+0.005+0.82%
    E5H.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    20.00+4.200+26.58%
    K6S.SI
    1.215+0.190+18.54%
    S53.SI
    0.415+0.045+12.16%
    570.SI
    1.345+0.130+10.70%
    5DA.SI
    0.154+0.014+10.00%
    5GD.SI
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    N02.SI
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    E94.SI
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    567.SI
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    508.SI