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Euro Strength Reverses at Former Congestion

Euro Strength Reverses at Former Congestion

2011-02-16 15:52:00
Jsaettele,
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Strength Reverses at Former Congestion

Prepared by Jamie Saettele

The 100% extension and corrective channel remains intact but the weight of evidence is bearish against 13744. The EURUSD decline from that level is likely a 3rd wave at multiple degrees of trend and expectations are for an acceleration of weakness. I wrote yesterday that “13570-13610 is now resistance.” The lower end of that level was reached in European trading and may complete a very small degree second wave. Price needs to break below the downward sloping corrective channel line in order to ‘announce’ the arrival of the third wave. There is a confluence of Fibonacci extensions from 13234/54 and 12919/38 (just above the January low).

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