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Euro Decline May Accelerate

Euro Decline May Accelerate

2011-02-07 15:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

Document2_1_body_eurusd.png, Euro Decline May Accelerate

Prepared by Jamie Saettele

The EURUSD has reached its 20 day average and the next level of potential support is former resistance at 13456. However, short term wave structure indicates the potential for a sharp decline in a small 3rd wave as long as price remains below 13627. Near term objectives are Fibonacci extensions at 13308 (100%) and 13112 (161.8%). Former support at 13244 is also of interest. If pop above 13627 would probably complete a flat (resistance would be 13678).

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