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Euro Short Term Channel and Fibonacci at mid 13400s

Euro Short Term Channel and Fibonacci at mid 13400s

2011-10-06 15:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Short Term Channel and Fibonacci at mid 13400s

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.” After trading to 13240, the EURUSD has rocketed higher and is nearing channel and Fibonacci (extension) resistance at 13450/60. Failure to defend this level would give scope to a test of 13520 and ultimately 13600 (161.8% extension).

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

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