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Euro Still Heavy-RSI Bearish Signal

Euro Still Heavy-RSI Bearish Signal

2011-05-13 14:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Still Heavy-RSI Bearish Signal

Prepared by Jamie Saettele, CMT

The EURUSD has mustered little more than a corrective bounce from 14150, a level defined by the 38.2% retracement of the rally from the January low and 4/18 low. The push higher in RSI is not confirmed by price on multiple time frames (think reverse divergence), a dynamic that suggests another down leg is around the corner. There would be 2 equal legs down from above 14900 at 13736 which intersects with corrective channel support on Monday. A drop to this level could constitute wave B within an A-B-C advance from 12874. Additional levels that may offer support are 14000 and 13861-13900. Trading above 14423 would delay the bearish outcome and shift focus to resistance at 14500/20.

Support/Resistance Index (M,W,D) – (3), 0, (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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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