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Euro Resistance 14700/55

Euro Resistance 14700/55

2011-05-06 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

TopHeadline_2_body_eurusd.png, Euro Resistance 14700/55

Prepared by Jamie Saettele, CMT

I wrote yesterday that “initial support comes in from former resistance at 14519…whether this decline composes a 4th wave or a large B wave is unclear. Short term patterns will guide us. For now, expect some sideways consolidation in a small 4th wave before a test of 14500.” After trading sideways, the EURUSD spiked lower on this morning’s NFP. That low will probably hold as there are now 5 waves down from the top and those late to the USD party need to suffer some pain before the trend resumes. Expect a sharp wave 2 (or B) rally back towards 14700/55 (50%-61.8% retracement and former support). Expect a secondary top early next week. The next downside objective will probably be 14275.

Support/Resistance Index (M,W,D) – 0, (2), (2)

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