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Euro Support at 14150

Euro Support at 14150

2011-05-09 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

TopHeadline_2_body_eurusd.png, Euro Support at 14150

Prepared by Jamie Saettele, CMT

If you have yet to do so, view Friday’s video (link below) for detailed analysis on the implications of the historic EURUSD decline on Thursday and Friday. The indicator plotted above is the disparity index – a measure of the distance between the closing price and the 200 day moving average on a percentage basis. Major tops since 2008 have occurred just above 9% (price exceeding its 200 day MA by 9%). Like all momentum indicators, the disparity index tends to display divergence at its final top. Without divergence present, I am wary of calling this the final top. What’s more, the 100% extension at 15279 intersects with channel resistance in mid June. The November 2010 top at 14280 is support but 14150 is a near term objective. This level is defined by the 4/18 low and 100% extension of the 14940-14509 decline (double zigzag measurement). In summary, look lower until mid week towards 14150.

Support/Resistance Index (M,W,D) – 0, (3), (4)

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