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Euro Weekly Key Reversal but May Still See Re-Test of 13500

Euro Weekly Key Reversal but May Still See Re-Test of 13500

2011-09-16 15:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, Euro Weekly Key Reversal but May Still See Re-Test of 13500

Prepared by Jamie Saettele, CMT

Other USD patterns (the AUDUSD and USDOLLAR in particular) still favor USD strength so I am not confident that the EURUSD extends gains from the current level. However, a drop to a new low could complete the break from the triangle and decline from 14548. The February low at 13430 is of particular interest. A close above 13650 this week (seems likely) would complete a weekly key reversal. The last 6 such reversals have indicated MAJOR tops and bottoms.

Trend Strength (M,W,D) – 0, (3), (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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