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Euro Interim Support at 14150

Euro Interim Support at 14150

2011-05-12 15:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Interim Support at 14150

Prepared by Jamie Saettele, CMT

The EURUSD has found temporary support at 14150, a level defined by the 38.2% retracement of the rally from the January low and 4/18 low. While a corrective bounce cannot be ruled out, risk remains for additional weakness. 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) – (3), 0, (3)

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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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