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Euro 14100 Remains Support but Upside Favored on Balance

Euro 14100 Remains Support but Upside Favored on Balance

2011-07-20 15:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro 14100 Remains Support but Upside Favored on Balance

Prepared by Jamie Saettele, CMT

Near term, a retest of 14100 cannot be ruled out but I am looking higher on balance over the next several days. “The larger trend may have reversed from up to down (or just up to sideways) but multiple wave possibilities leave me with little confidence in the larger trend. For this reason, continue to focus on short term levels.” Having held the 61.8% retracement of the rally from 13837, I am expecting a break above 14282 and continuation into the 100% extension at 14459. This level intersects with trendline resistance and channel resistance on Thursday.

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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