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

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By Jamie Saettele | November 28, 2012 4:02 AM EST

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

Prepared by Jamie Saettele, CMT

EURUSD - 15 Minute

Prepared by Jamie Saettele, CMT

EURJPY - Weekly

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.

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