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Euro Testing Support Line

Euro Testing Support Line

2011-03-15 14:36:00
Jsaettele,
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Testing Support Line

Prepared by Jamie Saettele

The EURUSD is currently holding above its support line that dates to January. 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. Weakness below 13743 is needed in order to indicate an intra month reversal and give bears some breathing room.

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