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Euro Touches January Low and Reverses

Euro Touches January Low and Reverses

2011-12-29 23:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Touches January Low and Reverses

Prepared by Jamie Saettele, CMT

The EURUSD touched its January low today of 12858 before bouncing roughly 100 pips to end the day. Despite the low volatility environment, today’s reversal could be the beginning of larger recovery back towards. Still, I wouldn’t try the long side until volatility returns next week. In any case, resistance is 13040 and support 12930 and 12900. A drop under today’s low would expose the August 2010 low at 12590.

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