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Euro Trendline Support Remains Key

Euro Trendline Support Remains Key

2011-03-30 15:21:00
Jsaettele,
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eliottWaves_eur-usd_body_eurusd.png, Euro Trendline Support Remains Key

Prepared by Jamie Saettele

Trendline support continues to hold in the EURUSD and drop below 14020 (Monday low) is needed in order to facilitate a break. To repeat recent observations – “a above 14282 would shift focus to 14360 (61.8% extension of rally from 11875) and 14413 (100% extension of 12873-13855 rally).” Clearly, the longer the EURUSD remains below its November high, the more likely it is that a high is in place. Understand that on a daily and weekly closing basis, the EURUSD has exceeded its November high and divergence with RSI is present on both time frames. These subtleties is worthy of consideration. The decline from the top could be a series of 1st and 2nd waves (those new to Elliott click here) and a break below 14020 would shift focus to a Fibonacci objective at 13905.

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