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Euro Short Term Triangle a Possibility

Euro Short Term Triangle a Possibility

2011-09-26 14:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Short Term Triangle a Possibility

Prepared by Jamie Saettele, CMT

The EURUSD has dropped to its lowest level since January and still lower prices look likely near term. Consolidation since Thursday may be taking the form of a triangle. In fact, completion of a corrective pattern and subsequent drop to a new low would compose 5 waves lower from 13935. A downside level to keep in mind is the mid January pivot at 13243. Strategically, I like shorting any bounces within the consolidation with a stop above 13566 and objective in the mid 13200s. We should then have an opportunity to play an early October reversal.

Trend Strength (M,W,D) – 0, (2), (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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