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Euro Nears Triangle Apex – 14200 is Support if Reached

Euro Nears Triangle Apex – 14200 is Support if Reached

2011-08-22 17:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Nears Triangle Apex – 14200 is Support if Reached

Prepared by Jamie Saettele, CMT

I favor a EURUSD run at 15000 over the next few months but it seems more likely (given patterns in equities and Aussie…see recent video) that additional consolidation is underway. Watch the short term trendline (extended off of July and August lows) for support. There is a short term extension at 14194 that may provide support. A test of 14090 or even 13974 cannot be completely ruled out. Trading above 14516 would suggest that the next bull leg is underway towards above 15000.

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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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