FOREX Trading: EUR/USD Reversal Evidence Not to Be Ignored

Afternoon Technicals (all USD crosses, crude, gold)

Other TA (crosses, COT, etc.)

I remain long the AUDUSD and the stop has been moved up to 10450 (entry was last Wednesday at 10340). There isn’t much else to say – I’ll be out at either 10450 or 10550.

The EURUSD decline from last night’s high composes 5 waves, which suggests at least one more drop of similar magnitude. 12890 is near term support and 12968 near term resistance. The nature of the decline (impulsive) from 13009 raises the possibility that an important top is in place.

I went short the EURJPY last night (released via Twitter @JamieSaettele) at 10641 (current level) with a stop above Monday’s high. A look at the weekly reveals resistance from 2010 and early 2011 lows. Intraday analytics are suggestive of a top (JS Spike on Sunday night on 240 minute chart for example and the high remains the first session of the week…on Sunday night). A soft target is 10465 although I’ll trail the stop as market activity warrants.

EURUSD – Daily

FOREX_Trading_EURUSD_Reversal_Evidence_Not_to_Be_Ignored_body_eurusd.png, FOREX Trading: EUR/USD Reversal Evidence Not to Be Ignored

Prepared by Jamie Saettele, CMT

EURUSD – 15 Minute

FOREX_Trading_EURUSD_Reversal_Evidence_Not_to_Be_Ignored_body_eurusd_1.png, FOREX Trading: EUR/USD Reversal Evidence Not to Be Ignored

Prepared by Jamie Saettele, CMT

EURJPY – Weekly

FOREX_Trading_EURUSD_Reversal_Evidence_Not_to_Be_Ignored_body_EURJPY.png, FOREX Trading: EUR/USD Reversal Evidence Not to Be Ignored

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2576+0.0018+0.14%
    USDSGD=X
    1.7390+0.0054+0.31%
    EURSGD=X
    2.1114-0.0014-0.07%
    GBPSGD=X
    81.3730-0.3277-0.40%
    SGDJPY=X
    6.1649-0.0087-0.14%
    SGDHKD=X
    2.5965-0.005-0.19%
    SGDMYR=X
    9,203.5645+30.2373+0.33%
    SGDIDR=X
    4.9619-0.0052-0.11%
    SGDCNY=X
    1.1661-0.0099-0.84%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,285.60+4.50+0.35%
    GCM14.CMX
    19.46+0.10+0.51%
    SIK14.CMX
    91.05
    ^XAU
    3.04-0.01-0.29%
    HGK14.CMX
    101.50-0.25-0.25%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.72
    ^FVX
    2.70
    ^TNX
    3.48
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.122+0.002+1.67%
    B22.SI
    0.61+0.005+0.83%
    E5H.SI
    2.22+0.010+0.45%
    JS8.SI
    0.16+0.002+1.27%
    5GB.SI
    0.142-0.003-2.07%
    545.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.23+0.031+15.58%
    5UZ.SI
    0.22+0.020+10.00%
    D6U.SI
    0.184+0.014+8.24%
    5WD.SI
    0.275+0.020+7.84%
    5TP.SI
    0.161+0.011+7.33%
    A03.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.245-0.055-18.33%
    T18.SI
    0.196-0.024-10.91%
    5WR.SI
    0.161-0.019-10.56%
    T16.SI
    0.36-0.040-10.00%
    S24.SI
    0.098-0.010-9.26%
    C11.SI