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Euro Breaks Higher – Focus on 14345

Euro Breaks Higher – Focus on 14345

2011-05-26 14:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Breaks Higher – Focus on 14345

Prepared by Jamie Saettele, CMT

As mentioned yesterday, there are multiple wave counts, including an extremely bearish count in which the decline from 14940 is a series of 1st and 2nd waves. Given the break above Monday’s range however, I am looking higher towards 14345. Exceeding that level could complete a flat from the 5/15 low. It is also possible that the decline from 14940 is a completed correction (3 waves). As focuses on in yesterday’s video, it is better to wait until June (as per seasonality) to try longs.

Support/Resistance Index (M,W,D) – (3), (2), 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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