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Euro Short Term Trendline Resistance at 13545 Today

Euro Short Term Trendline Resistance at 13545 Today

2011-12-05 15:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Short Term Trendline Resistance at 13545 Today

Prepared by Jamie Saettele, CMT

The EURUSD held support from 13340-70 (61.8% retracement of rally from the low and former short term resistance). Moves since the October low do not exhibit impulsive behavior (in either direction), which has me questioning the validity of a major breakdown even if the EURUSD does trade under 13145 in December. As such, I can envision a range trading month between 13150 and 13600-13800 and a major breakdown pushed back to early 2012. Trading above the resistance line and Friday’s high (13550) would shift focus towards 13860.

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