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Euro Short Term Channel Support at 13000

Euro Short Term Channel Support at 13000

2011-12-13 16:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Short Term Channel Support at 13000

Prepared by Jamie Saettele, CMT

The EURUSD has dropped below the October low (13143), which shifts focus to the short term channel support at about 13000 today and the January (and 2011) low at 12858. Last week completed 2 consecutive inside weeks, highlighting the tight consolidation that had taken hold. This is only the 5th instance since 2000 of consecutive inside weeks. The previous 4 instances resulted in false breakouts. Watch 13000 for support. 13160 is resistance.

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