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Euro Still Heavy-RSI Bearish Signal

Euro Still Heavy-RSI Bearish Signal

2011-05-13 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

TopHeadline_2_body_eurusd.png, Euro Still Heavy-RSI Bearish Signal

Prepared by Jamie Saettele, CMT

The EURUSD has mustered little more than a corrective bounce from 14150, a level defined by the 38.2% retracement of the rally from the January low and 4/18 low. The push higher in RSI is not confirmed by price on multiple time frames (think reverse divergence), a dynamic that suggests another down leg is around the corner. There would be 2 equal legs down from above 14900 at 13736 which intersects with corrective channel support on Monday. A drop to this level could constitute wave B within an A-B-C advance from 12874. Additional levels that may offer support are 14000 and 13861-13900. Trading above 14423 would delay the bearish outcome and shift focus to resistance at 14500/20.

Support/Resistance Index (M,W,D) – (3), 0, (2)

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