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Euro Breaking through Trendlines – Shows Signs of Bottoming

Euro Breaking through Trendlines – Shows Signs of Bottoming

2011-09-29 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Breaking through Trendlines – Shows Signs of Bottoming

Prepared by Jamie Saettele, CMT

It’s too early to say that a low is in place and it is best to wait until October (new month, new point of reference with respect to time) before taking a strong stand but there are signs that a EURUSD bullish base is forming. Price has broken above short term trendlines and sentiment is extreme (recent Economist cover, COT positioning, etc.) Focus on levels for now. Resistance is 13745 (20 day average) and 13795. Support is 13520.

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 and follow hom on Twitter @JamieSaettele.

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