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Euro Mid 13400 Could Produce a Low

Euro Mid 13400 Could Produce a Low

2011-09-13 14:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Mid 13400 Could Produce a Low

Prepared by Jamie Saettele, CMT

The EURUSD has broken down but found support yesterday at the confluence of the 100% extension of the decline from 14942 and corrective channel. If price broke down from a b wave triangle, then an important low has either formed is close to forming. Structurally, it looks like one more low is needed. The 13400 area is probable support (February low at 13427 along with December 2010 highs). 13750 is resistance.

Trend Strength (M,W,D) – 0, (1), (2)

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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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