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Euro Support at 14320 and 14260

Euro Support at 14320 and 14260

2011-05-31 15:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Support at 14320 and 14260

Prepared by Jamie Saettele, CMT

The EURUSD has exceeded 14345. As focused on in recent days, “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). Both of these counts point higher to at least 14450 – which is the 161.8% extension of wave a and the 50% retracement of the decline from 14940. Exceeding 14450 gives scope to a test of 14490-14520 (pivots in April).” There is support at 14320 and 14256 – the structure of the decline should help in determining if the rally completed a flat or was the first leg of a new bull leg. Near term, I like shorting into 14450-14500.

Support/Resistance Index (M,W,D) – (3), 1, 5

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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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