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Euro Tests Important Short Term Support Line

Euro Tests Important Short Term Support Line

2011-12-07 16:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Tests Important Short Term Support Line

Prepared by Jamie Saettele, CMT

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. Near term, price is holding a support line (off of November and early December lows) and a push above the most recent bearish channel resistance would shift focus to the monthly high at 13550 and extensions at 13670 and 13880. The latter level is of particular interest given previous highs and larger bearish channel.

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