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Euro Support Line is Key

Euro Support Line is Key

2011-03-24 15:09:00
Jsaettele,
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Support Line is Key

Prepared by Jamie Saettele

Given the proximity of the EURUSD to 14282, one must consider a complex 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. Short term support has held at 14050 but risk is quickly shifting to the downside.

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