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Euro Monday High is Critical to Short Term Trend

Euro Monday High is Critical to Short Term Trend

2011-10-19 14:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Monday High is Critical to Short Term Trend

Prepared by Jamie Saettele, CMT

I wrote yesterday that “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.” The EURUSD rally that has unfolded could compose a B wave correction (Monday’s decline wave A). In any case, respect am upside break if it occurs especially since the Monday decline is in 3 waves. Exceeding the mid September high of 13940 would shift focus to the 200 dma at 14080.

Trend Strength (M,W,D) – (1), 0, 1

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