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

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EURUSD=X1.1584+0.0057

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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
    1.3444+0.0023+0.17%
    USDSGD=X
    1.5574+0.0103+0.67%
    EURSGD=X
    1.9729+0.0046+0.24%
    GBPSGD=X
    78.6432-0.6775-0.85%
    SGDJPY=X
    5.7726-0.009-0.16%
    SGDHKD=X
    2.9320+0.0124+0.43%
    SGDMYR=X
    9,814.3135+40.79+0.42%
    SGDIDR=X
    4.8175-0.0062-0.13%
    SGDCNY=X
    1.0174-0.011-1.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,298.40+2.60+0.20%
    GCM16.CMX
    17.63-0.05-0.29%
    SIN16.CMX
    90.73-2.12-2.28%
    ^XAU
    2.23-0.03-1.39%
    HGN16.CMX
    44.53-0.25-0.56%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32+0.04
    ^FVX
    1.87+0.05
    ^TNX
    2.72+0.05
    ^TYX

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  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.106-0.001-0.93%
    5I0.SI
    0.43-0.03-6.52%
    N21.SI
    1.295+0.010+0.78%
    N03.SI
    0.099-0.003-2.94%
    5DN.SI
    0.133+0.002+1.53%
    40E.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.78+0.08+12.23%
    5ER.SI
    0.23+0.03+12.20%
    5UZ.SI
    0.187+0.017+10.00%
    A55.SI
    0.33+0.03+10.00%
    BOU.SI
    0.58+0.04+8.41%
    BEI.SI
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    O08.SI
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    AWC.SI
    0.225-0.045-16.67%
    S46.SI
    0.175-0.024-12.06%
    D79.SI
    0.25-0.03-10.71%
    5PC.SI