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Euro Quiet Consolidation Resumes

Euro Quiet Consolidation Resumes

2011-05-25 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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480 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Quiet Consolidation Resumes

Prepared by Jamie Saettele, CMT

The EURUSD has consolidated for most of this week and Monday’s low remains intact (as does Monday’s high). A break of Monday’s range (14146 or 13969) will set the trend for the week. A move to the upside would shift focus to 14200 and a bearish break would expose 13800/60 (Fibonacci measurement and former resistance). Many have jumped on the bearish bandwagon of late and the consolidation at the 14000 area (former pivot level in March and April) warrants a near term contrarian bullish stance in my opinion. There are multiple possibilities for wave structure-too many to take a strong stand on that basis alone right now.

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