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Euro Threatens Lows – Break Targets 13250

Euro Threatens Lows – Break Targets 13250

2011-09-30 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Threatens Lows – Break Targets 13250

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.)” The EURUSD is making a run at its lows and time will tell if it holds. If broken, then weakness could extend to the mid January pivot at 13250. Resistance is 13490-13510. Early October action will offer an opening range to trade from (best way to play reversals and extensions in my opinion).

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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