Press Release: EURUSD Holds Support on European Open

The EURUSD fell sharply on the European open but held important support. Look higher. The AUDUSD and NZDUSD remain constructive. Of interest at the current level is the GBPCAD.

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

The EURUSD fell sharply on the European open but as focused on during yesterday’s webinar, the area in front of 12900 is strong support. I’m continuing to look higher as long as price is above 12876.

Continue to look higher in the NZDUSD towards the 61.8% retracement which is now also defined by the 100% extension of the rally from the low (as long as 8189 holds).

Of interest at the current level is the GBPCAD. Support is defined by the 9/12-9/14 lows and 50% extension of the 16204-15466 decline (measured from 15988).

EURUSD – 60 Minute Bars

Prepared by Jamie Saettele, CMT

NZDUSD – 60 Minute Bars

Prepared by Jamie Saettele, CMT

GBPCAD – Daily Bars

Prepared by Jamie Saettele, CMT

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

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line “Distribution List” to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

This article was provided by DailyFX.com.