Waiting on EURUSD to Tip its Hand

EURUSD 12740/50 remains of interest as support. The NZDUSD has traded through the 9/25 high and is testing the 61.8% retracement of the decline from the top. Support is now 8255.

12740/50 is the 38.2% retracement of the rally from the June low, June high (12747) and 9/10 & 9/11 lows (12754). I am looking lower against 12970.

As focused on in the technical last night – “The NZDUSD did hold the Monday low thus I’m inclined to look higher into month end. Expect a reaction at 8283/87 if reached (Tuesday high and 61.8% retracement of decline from the top). 8183 is obviously key to any bullish interpretation.” The NZDUSD has reached 8292. A dip off of this level would present another long opportunity against 8183. Support is 8240/55.

Prepared by Jamie Saettele, CMT

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