Euro crosses, in particular the EURJPY and EURAUD, are trading into well-defined support areas. Reward/risk is quickly shifting in favor of bulls on a near term basis.
Afternoon Technicals (all charts)
Other TA (crosses, COT, etc.)
FOREX Trading and Technical Analysis Observations
-EURJPY-I wrote yesterday to “expect a market response at/near 10157. This level is defined by the 100% extension of the 10459-10217 decline and intersects channel support today. Additional levels of interest are the 38.2% retracement of the rally from 9411, at 10060 and the 161.8% extension of the mentioned bear leg at 10008.” Price is meandering around 10157 and shorts are at risk of at least a corrective bounce. 10275 is estimated resistance. Note – shorts were exited last night.
-EURAUD-is on the radar as a long opportunity. Price is testing the 50% retracement of the rally from 11600. The level is reinforced by the September 1st and 7th lows. This is on the radar and real time updates will be released via Twitter @JamieSaettele.
-Given the potential for bounces in the EURJPY and EURAUD, respect the same for EURUSD, which is making JS Spike bars on intraday plots between 2 estimated support areas (12740 and 12692).
EURJPY – Daily Bars
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Prepared by Jamie Saettele, CMT
EURAUD – Daily Bars
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Clik here to view.
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.
This article (FOREX Technical Analysis: Euro Crosses Probe Support Zones) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.
