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Euro Testing 52 Week Moving Average-Area Clearly Critical

Euro Testing 52 Week Moving Average-Area Clearly Critical

2011-09-08 15:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Testing 52 Week Moving Average-Area Clearly Critical

Prepared by Jamie Saettele, CMT

The simple truth is that there is evidence to support both sides for EURUSD (always is). From an EW perspective, I don’t see much clarity. The decline from 14548 is impulsive but could be wave c of a flat. Price is currently testing the trendline that extends from the 2010 low and a break would shift focus to the 61.8% retracement of the rally from the January low, at 13650. I’d be remiss for failing to mention that multiple metrics suggest that the larger trend is down. Weekly RSI is below 50 and price is testing its lower Bollinger Band (2nd stdev). Initially tested in July, this second test warns of a breakdown. Resistance is 14150-14200.

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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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