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Euro Trendline Break Warrants Deeper Look

Euro Trendline Break Warrants Deeper Look

2011-09-02 07:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, Euro Trendline Break Warrants Deeper Look

Prepared by Jamie Saettele, CMT

Structurally, I’ve maintained that the consolidation since the May high is just that – consolidation and most likely a triangle. However, there are warnings that a deeper setback is underway from 14548. Those warning signs include the trendline breaks on both price and RSI (notice that the RSI resistance line held). A 5 wave decline may be nearing completion over the next several days. Watch for support at 14150. 14315/50 is resistance.

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Trend Strength (M,W,D) – 0, 1, (1)

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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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