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Euro Plunges-13460 is Key

Euro Plunges-13460 is Key

2011-12-08 17:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, Euro Plunges-13460 is Key

Prepared by Jamie Saettele, CMT

There are times when one can take a position with utmost confidence – when the 3 tenants of technical analysis, pattern, momentum, and sentiment all line up one direction. Right now is not one of those times as sentiment is extreme (which warns of a bounce) but pattern is not especially clear. A scenario in which price drops below the November low and perhaps the October low before staging a recovery is certainly possible. The EURUSD could also stay in its 13210-13550 range. The 20 day average and short term trendline define the near term trend. Bottom line, I am not bearish at these levels and suggest range strategies.

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