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Euro Resistance at 13850

Euro Resistance at 13850

2011-03-11 15:54:00
Jsaettele,
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Resistance at 13850

Prepared by Jamie Saettele

Step back and take in the bigger picture. Keeping in mind that 3 wave movements are countertrend, the rallies from 11875 and 12873 are each in 3 waves. Both 3 wave movements are divided in Fibonacci proportion (the rally from 11875 consists of 2 equal legs while the rally from 12873 is divided by .618). The recent high is divergent with RSI (circled) and there are potential head and shoulders patterns across several degrees of trend. A trendline extended off of the November 2009 and November 2010 highs held this week and price has just broken below a short term line that extends off of the January and February lows. What’s more – COT data is the most one sided since the last top. Price is bouncing from the 20 day average and former support at 13850/60 is now resistance. I’m bearish.

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