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

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SymbolPriceChange
EURUSD=X1.1241-0.0006

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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
    1.3994+0.0002+0.01%
    USDSGD=X
    1.5729-0.0006-0.04%
    EURSGD=X
    2.1569+0.0011+0.05%
    GBPSGD=X
    86.4473-0.1518-0.18%
    SGDJPY=X
    5.5383-0.0011-0.02%
    SGDHKD=X
    3.0104+0.0019+0.06%
    SGDMYR=X
    10,041.1270+1.0078+0.01%
    SGDIDR=X
    4.5806+0.0014+0.03%
    SGDCNY=X
    1.0061+0.0032+0.32%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,126.50+3.90+0.35%
    GCZ15.CMX
    14.50+0.08+0.58%
    SIU15.CMX
    46.84+2.87+6.53%
    ^XAU
    2.330.00+0.09%
    HGZ15.CMX
    42.44-0.12-0.28%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.48+0.01
    ^FVX
    2.170.00
    ^TNX
    2.90-0.03
    ^TYX

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    N21.SI
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    5CP.SI
    0.310.000.00%
    5WA.SI
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    Z74.SI
    0.695+0.050+7.75%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.21+0.04+27.27%
    L02.SI
    1.15+0.22+23.66%
    AYB.SI
    0.40+0.07+21.21%
    AZZ.SI
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    5CP.SI
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    5HJ.SI