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Euro Range Tightening – Breakout Nearing?

Euro Range Tightening – Breakout Nearing?

2011-12-06 16:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Range Tightening – Breakout Nearing?

Prepared by Jamie Saettele, CMT

The EURUSD has held support from 13340. 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. Until then, clarity is lacking.

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