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Euro Objectives Clustered at 2008 Low (12330)

Euro Objectives Clustered at 2008 Low (12330)

2010-05-12 15:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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There is no change to my outlook for additional EURUSD weakness over the next several weeks.  However, there is a change to the extent of the weakness.  A new low would potentially complete 5 waves down from 13822, which in turn would complete 5 waves down from 15150.  There is a cluster of Fibonacci objectives in the mid 12300s, which is also near the 2008 low (12327).  A triangle may be forming now as small wave iv – move risk to Monday’s high.    

 
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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