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Euro Nearing 61.8% Retracement

Euro Nearing 61.8% Retracement

2011-02-17 16:00:00
Jsaettele,
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Nearing 61.8% Retracement

Prepared by Jamie Saettele

I maintain that the EURUSD decline from 13744 is likely a 3rd wave at multiple degrees of trend. Price needs to break below the downward sloping corrective channel line in order to ‘announce’ the arrival of the third wave. For now, expect resistance close to the current level, which is the 61.8% retracement of the decline from 13744, former support, a short term trendline and the 20 day average.

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