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Euro Short Term Pattern Probably a Triangle

Euro Short Term Pattern Probably a Triangle

2011-12-19 15:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Short Term Pattern Probably a Triangle

Prepared by Jamie Saettele, CMT

The EURUSD has dropped below the October low (13143), which shifts focus to the January and 2011 low at 12858. A drop below there would encounter a potential channel and downward sloping trendline below 12800. Not to be overlooked is the break of the neckline from the year + head and shoulders top. 13145-13280 is the resistance zone on pullbacks. 13065-13100 resistance has held so far and I favor a test of the 2011 low, probably as a terminal thrust from a triangle, before a rally to finish the year (in order to relieve extreme sentiment).

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