EURUSD Through 13100-13145 is a HUGE Level

  on

I just want to share a few charts as I work on the weekly. The EURUSD ripped through 13100 this morning after taking out the May gap (13080) with ease. I'm expecting a reaction at 13145 (not sure if we reach it today or not), which is defined by the October 2011 low, 50% retracement of the decline from the October 2011 high and 38.2% retracement of the decline from the April 2011 high.

The JPY is the weak link today and is now trading above 7800. Last night's technical report referenced the potential for a pop higher but this bottom could prove more important than thought with the possibility that yesterday's decline was a terminal thrust from a triangle.

EURUSD - Weekly Bars

EURUSD_Through_13100-13145_is_a_HUGE_Level_body_eurusd.png,

Prepared by Jamie Saettele, CMT

USDJPY - Daily Bars

EURUSD_Through_13100-13145_is_a_HUGE_Level_body_usdjpy.png,

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.

Join the Discussion
Nintendo's Newest Kirby Game Is A Total Detour
Nintendo's Newest Kirby Game Is A Total Detour
Fitbit's First Activity Watch Falls Short
Fitbit's First Activity Watch Falls Short
Dying Light Is The Spiritual Successor To 'Dead Island'
Dying Light Is The Spiritual Successor To 'Dead Island'
The Last Mitsubishi Evolution
The Last Mitsubishi Evolution
The i8 Is Proof BMW Should Make More Mid-Engined Cars
The i8 Is Proof BMW Should Make More Mid-Engined Cars
QD Vision Shows Off Cheap 4K TVs
QD Vision Shows Off Cheap 4K TVs

More Video