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Euro May Plunge Below 14000 by Next Week

Euro May Plunge Below 14000 by Next Week

2011-05-11 16:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro May Plunge Below 14000 by Next Week

Prepared by Jamie Saettele, CMT

I wrote yesterday about “the inability of the EURUSD to bounce in the face of a snapback in the metals, crude, and stocks suggests that this market is weak. Additional weakness targets 14150.” The rally into 14423 is the largest since the decline from above 14900 – weakness since has been sharp and gives scope to the next leg down. 14150, the 4/18 low and 38.2% retracement of the rally from 12874, is potential support but there would be 2 equal legs down from above 14900 at 13736 which intersects with corrective channel support on May 16th(keep this date in mind). The drop to this level would constitute wave B within an A-B-C advance from 12874. Additional levels that may offer support are 14000 and 13861. Trading above 14423 would delay the bearish outcome and shift focus to resistance between 14510 and 14600.

Support/Resistance Index (M,W,D) – (2), 0, (1)

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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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