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Euro Drops Below February Low-Reversal Confirmed

Euro Drops Below February Low-Reversal Confirmed

2011-02-11 16:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

Document2_1_body_eurusd.png, Euro Drops Below February Low-Reversal Confirmed

Prepared by Jamie Saettele

As mentioned yesterday – “the corrective channel break suggests that the sharp 3rd wave decline is underway. A drop below 13507 would shift focus to the 100% extension at 13429 and the 50 day average at 13361.” The EURUSD has traded below 13507 today and focus shifts to Fibonacci extensions at 13429 and 13234 (these levels line up with former pivots). Near term resistance is 13576.

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