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Euro Faces Fibonacci and Former Pivot as Resistance

Euro Faces Fibonacci and Former Pivot as Resistance

2011-10-11 15:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Faces Fibonacci and Former Pivot as Resistance

Prepared by Jamie Saettele, CMT

After breaking above the short term resistance line, the EURUSD has rallied into the late September highs and 38.2% retracement of the decline from 14548. This level is acting as resistance at the moment but short term structure is bullish. Yesterday’s surge probably composes a 3rd of a 3rd wave within the advance from 13145. Recent weakness then is a small 4th (wave iv of 3) wave. The implications are that the EURUSD will continue to work higher over the next week or so in order to complete 5 waves up from 13145. 13800/50 is of interest on the upside. A drop below 13450 would negate the short term bullish pattern as just described.

Trend Strength (M,W,D) – (1), (2), 0

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