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Euro Drops into Fibonacci Support – Focus on 14000

Euro Drops into Fibonacci Support – Focus on 14000

2011-08-04 15:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Drops into Fibonacci Support – Focus on 14000

Prepared by Jamie Saettele, CMT

To review, the rally from 13836 is viewed in a constructive light and may be the first leg of the next larger bull leg. Support is clustered from 14000 (potential right shoulder in inverse head and shoulders pattern) to 14100 (61.8%). The EURUSD has reached 14100 and focus is now on the 14000 area.

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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