Euro Continues to Hold Up
60 Miunte Bars
Prepared by Jamie Saettele
3 wave movements are countertrend and EURUSD 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). A trendline extended off of the November 2009 and November 2010 highs held last week as well. Short term, the 5 wave decline from 14036 lends a bearish view to the pattern. Weakness below 13743 is needed in order to indicate an intra month reversal.
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