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Euro Focus on 13740 and 13650

Euro Focus on 13740 and 13650

2011-03-10 15:56:00
Jsaettele,
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Focus on 13740 and 13650

Prepared by Jamie Saettele

I wrote yesterday that “the decline from yesterday’s high is in 5 waves therefore I favor the downside. 13742 is an initial support area.” The EURUSD has declined a bit more and focus remains on 13742 (March low and 20 day average). A drop below there would shift focus to the 161.8% extension at 13650. Near term resistance in the event of a bounce is 13850/85.

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