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Euro Weekly Close Consideration

Euro Weekly Close Consideration

2011-03-29 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Closes

TopHeadline_1_body_eurusd.png, Euro Weekly Close Consideration

Prepared by Jamie Saettele

Trendline support continues to hold in the EURUSD and drop below 14020 (Monday low) in order to facilitate a break. To repeat recent observations – “a above 14282 would shift focus to 14360 (61.8% extension of rally from 11875) and 14413 (100% extension of 12873-13855 rally).” Clearly, the longer the EURUSD remains below its November high, the more likely it is that a high is in place. There is in fact RSI divergence present on the weekly. Remember, RSI is calculated using closing prices and last week’s close was above that of the November close. The RSI reading did not confirm the higher close. This subtlety is worthy of consideration.

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