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Euro Rally is an Impulse-Support at 13700

Euro Rally is an Impulse-Support at 13700

2011-10-12 15:39:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Rally is an Impulse-Support at 13700

Prepared by Jamie Saettele, CMT

I wrote yesterday that “this 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.” Wave 3 (now v of 3) is probably nearing completion now so respect the potential for weakness in a 4th wave before the EURUSD finishes its rally in wave 5 later this week (or next week). Support is 13700.

Trend Strength (M,W,D) – (1), (2), 0

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