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Euro Targets November High

Euro Targets November High

2011-03-21 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

TopHeadline_1_body_eurusd.png, Euro Targets November High

Prepared by Jamie Saettele

The EURUSD has rocketed off of its short term support line and is less than 100 pips from its November high. I’ve refrained from the short side (thankfully) since the pair has been unable to establish a top early in the week (seasonality). 3 wave movements are countertrend and EURUSD rallies from 11875 and 12873 are each in 3 waves. Given the proximity of the EURUSD to 14282 however, one must consider a complex alternate count in which the decline into 12873 is an X wave. A pop above 14282 would shift focus to 14360 (61.8% extension of rally from 11875). At this point, a drop below 13868 is needed to suggest that a top is in place. A trendline extended off of the 2008 and 2009 highs intersects with the November high this week.

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