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Jamie's Pick: 08/08/11

Jamie's Pick: 08/08/11

2011-08-08 14:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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In volatile times, it often pays to look at the longer term picture. In this case, the EURUSD rally from the 2010 low is in 3 waves. The rally does not consist of 2 equal legs (that would be at 15264) but since the top in May, the EURUSD has trended sideways to down which indicates distribution. As long as price is below the late July high of 14535, I am bearish.

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