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Euro Tests 13800

Euro Tests 13800

2011-02-24 16:30:00
Jsaettele,
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Tests 13800

Prepared by Jamie Saettele

The dominant pattern is the 3 wave rally from 11875 which is bearish. 14287 could be exceeded in a complex correction in which case the decline into the January low would compose an X wave. In any case, the EURUSD has done a round trip this month and trading above the February high (13860) would shift focus to a Fibonacci extension at 14036. You may want to keep an eye on the patterns in the Euro crosses for clues.

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