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Euro Key Reversal Day

Euro Key Reversal Day

2011-05-17 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

TopHeadline_2_body_eurusd.png, Euro Key Reversal Day

Prepared by Jamie Saettele, CMT

The EURUSD has bounced from 14050 held its low for several sessions, thus giving scope to a larger upward swing. Initial resistance is former support at 14250 and exceeding 14339 (Friday’s high) would suggest a larger advance towards 14500. It’s too early to tell if a B wave low is in place at today’s low but that is what I am on the lookout for. A key reversal day formed yesterday.

Support/Resistance Index (M,W,D) – (3), (1), 0

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to jsaettele@dailyfx.com.

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