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Euro Decline Reaches Initial Support

Euro Decline Reaches Initial Support

2011-10-18 15:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Decline Reaches Initial Support

Prepared by Jamie Saettele, CMT

The EURUSD decline has reached initial structural support from the former 4th wave at 13685. The decline to this point is in just 3 waves (the legs are equal however – 100% extension is at 13596). It is best to assume that the correction is ongoing towards 13564 but corrections can take many forms so strength back towards 13800 cannot be ruled out. I do not see any trades at the current juncture.

Trend Strength (M,W,D) – (1), 0, 1

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