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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.1008+0.0016

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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
    1.3583-0.0028-0.21%
    USDSGD=X
    1.4949-0.0014-0.09%
    EURSGD=X
    1.7779-0.0096-0.54%
    GBPSGD=X
    76.7750-0.912-1.17%
    SGDJPY=X
    5.7085+0.0135+0.24%
    SGDHKD=X
    2.9928-0.0063-0.21%
    SGDMYR=X
    9,682.3887+32.7715+0.34%
    SGDIDR=X
    4.9171+0.0115+0.23%
    SGDCNY=X
    1.0221+0.0052+0.51%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,319.40-0.10-0.01%
    GCQ16.CMX
    19.70+0.05+0.27%
    SIU16.CMX
    99.89-3.85-3.71%
    ^XAU
    2.210.00-0.09%
    HGU16.CMX
    43.19+0.06+0.14%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.14+0.02
    ^FVX
    1.570.00
    ^TNX
    2.290.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.485+0.045+10.23%
    5TP.SI
    0.1680.0000.00%
    N21.SI
    1.035+0.030+2.99%
    Y92.SI
    0.79-0.01-1.25%
    G13.SI
    3.16-0.02-0.63%
    C31.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.38+0.05+15.15%
    BFU.SI
    0.29+0.03+13.73%
    S71.SI
    0.445+0.050+12.66%
    BHU.SI
    0.23-0.04-14.81%
    BQN.SI
    0.485+0.045+10.23%
    5TP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.19-0.03-13.64%
    BDN.SI
    0.16-0.02-9.60%
    O08.SI
    0.50-0.05-9.09%
    AWZ.SI
    0.106-0.010-8.62%
    BEH.SI
    0.161-0.014-8.00%
    AWS.SI