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EURUSD Inside Day at Channel Support

By , Sr. Technical Strategist
10 May 2012 21:03 GMT

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Inside Day at Channel Support

Prepared by Jamie Saettele, CMT

“The EURUSD is inching towards the January low. Bulls can hope as long as price is above there (12622) but near term trend should be considered bearish below the May high (13283). 13080, which is the level left open by the gap, remains of interest but any strength above 13000 is a candidate to short against the May high.” 12880 and 12810 are supports (and levels to cover short term shorts). In the short term, don’t get caught chasing on a drop below 12900, especially if on ‘news’. The best short entry will probably come on a news driven rally into 13080-13120. Medium term players should trade from the short side above 13000 with a stop above the May high. Nimble short term players may wish to play levels between the low 12800s (watch the lower channel) and 13080.

LEVELS: 13285 13120 13080 13000 12880 12810

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10 May 2012 21:03 GMT