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Euro Back at 13900 – Break Would Shift Focus to Channel Near 14200

Euro Back at 13900 – Break Would Shift Focus to Channel Near 14200

2011-10-21 15:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Back at 13900 – Break Would Shift Focus to Channel Near 14200

Prepared by Jamie Saettele, CMT

The EURUSD has soared from the bottom of its recent range to the top of the range over the last day. That sentence makes clear that the EURUSD is still in a range. Only a break above the mid September pivot of 13937 would negate the range and give scope to an extension towards the channel near 14200. Interim resistance would be expected at 14050/85 (former low and 200 day average).

Trend Strength (M,W,D) – (1), 0, 0

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