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Euro / US Dollar 05-13

Euro / US Dollar 05-13

2010-05-13 15:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DTEURUSD0513 

 
 
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).  Move risk to 12750.  A move above there would suggest that a triangle is unfolding and resistance would then be 12900.    
 
 
 
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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