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Euro Bullish Key Reversal – Resistance at 13480-13520

Euro Bullish Key Reversal – Resistance at 13480-13520

2011-10-05 15:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_eur-usd_body_eurusd.png, Euro Bullish Key Reversal – Resistance at 13480-13520

Prepared by Jamie Saettele, CMT

Yesterday’s sharp reversal in the EURUSD gives scope to additional strength towards 13480-13520 over the next several days. A solid grasp of the wave count eludes me right now but one possibility is an ending diagonal from 13935. When wave structure lacks clarity, seasonal tendencies can be used to generate trade ideas. There is a tendency for price extremes to form in the beginning of the month (seasonality) which is why yesterday’s key reversal demands respect (also occurred at a short term channel). Short term support is 13225/50.

Trend Strength (M,W,D) – (1), (2), (2)

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