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Euro Stalls Before November High

Euro Stalls Before November High

2011-03-22 14:41:00

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Stalls Before November High

Prepared by Jamie Saettele

Given the proximity of the EURUSD to 14282 however, one must consider a complex alternate count in which the decline into 12873 is an X wave. A pop above 14282 would shift focus to 14360 (61.8% extension of rally from 11875) and 14413 (100% extension of 12873-13855 rally). At this point, a break of the short term support line is needed in order to suggest that a top is in place. A trendline extended off of the 2008 and 2009 highs intersects with the November high this week. 14138 and 14000 are short term supports.

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