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Euro Runs into Early September Congestion Zone

Euro Runs into Early September Congestion Zone

2011-10-26 15:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Runs into Early September Congestion Zone

Prepared by Jamie Saettele, CMT

The EURUSD rally failed at the bottom of early September congestion near 13975 today and has already taken out the Monday low of 13822. The break of the Monday low confirms an intraweek bearish reversal but tops in ‘risk’ tend to suffer several false starts before the ‘real decline’ begins. While the larger structure eludes me, I like the idea of fading any spikes on positive reactions to ESFS, etc. 14050, 14130, and 14200 are all levels to keep in mind.

Trend Strength (M,W,D) – (1), 0, 1

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