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Euro Resistance 14700/55

Euro Resistance 14700/55

2011-05-06 21:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Resistance 14700/55

Prepared by Jamie Saettele, CMT

I wrote yesterday that “initial support comes in from former resistance at 14519…whether this decline composes a 4th wave or a large B wave is unclear. Short term patterns will guide us. For now, expect some sideways consolidation in a small 4th wave before a test of 14500.” After trading sideways, the EURUSD spiked lower on this morning’s NFP. That low will probably hold as there are now 5 waves down from the top and those late to the USD party need to suffer some pain before the trend resumes. Expect a sharp wave 2 (or B) rally back towards 14700/55 (50%-61.8% retracement and former support). Expect a secondary top early next week. The next downside objective will probably be 14275.

Support/Resistance Index (M,W,D) – 0, (2), (2)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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