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Euro Seemingly Unstoppable

Euro Seemingly Unstoppable

2011-03-17 13:04:00
Jsaettele,
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Seemingly Unstoppable

Prepared by Jamie Saettele

The EURUSD held its support line and popped above 14036. Bearish potential remains as long as price is below 14282 but I’ve refrained from the short side (thankfully) since the pair has been unable to establish a top early in the week (seasonality). Still, 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). Today’s large range gives us a point of reference from which to trade (use the large range bar in an opening range capacity). COT positioning warns of a reversal.

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