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Euro Plummets Through Triangle Trendline

Euro Plummets Through Triangle Trendline

2011-07-11 15:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Plummets Through Triangle Trendline

Prepared by Jamie Saettele, CMT

The EURUSD has plummeted below its triangle trendline support thus negating the bullish implications from the symmetrical triangle that had been underway since the May high. A drop below 13969 would shift focus to the trendline that is extended off of the 2010 and 2011 lows as well as the temporary bearish channel from the May high.

Trend Strength (M,W,D) – 1, 0, 0

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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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