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Euro Holding Up at Channel

Euro Holding Up at Channel

2011-09-14 15:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Holding Up at Channel

Prepared by Jamie Saettele, CMT

The EURUSD is holding up after finding support 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. If price drops to a new low, then the 13400 area is probable support (February low at 13427 along with December 2010 highs).

Trend Strength (M,W,D) – 0, (3), (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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