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Euro at 10 Month Low…and Headed Lower

Euro at 10 Month Low…and Headed Lower

2010-03-24 15:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 0324eurusd

I wrote yesterday that “a small 2nd wave may be complete at last night’s high at 13573. A move above would expose 13650.” We can say with confidence that the high is in place and that the EURUSD is headed lower in either larger wave 5 or wave 3 of 3 (for more on that and the ‘point of recognition’…see today’s webinar. Risk should be kept to 13573 and 13400-13450 is resistance. I view 13000 as the next level that could produce a multi day bounce.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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