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Euro Completes 5 Waves Up-Look Towards mid 13500s

Euro Completes 5 Waves Up-Look Towards mid 13500s

2011-10-17 15:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Completes 5 Waves Up-Look Towards mid 13500s

Prepared by Jamie Saettele, CMT

I wrote Friday that “the EURUSD rally from the low is in 5 waves so a top should form early next week. After completion of a 5 wave advance, one should expect a 3 wave move in the opposite direction (which is lower in this case). The final subdivisions of wave 5 look likely – resistance is 13936 (mid September high).” The high may be in place as the EURUSD has reversed sharply from 13913. Interim support is at 13685 but the confluence of wave iv of 3 and the 50% retracement at 13529 is of interest.

Trend Strength (M,W,D) – (1), 0, 1

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