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Euro Breaks Through 2 Month Resistance Line

Euro Breaks Through 2 Month Resistance Line

2012-01-03 18:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, Euro Breaks Through 2 Month Resistance Line

Prepared by Jamie Saettele, CMT

The EURUSD has broken through trendline resistance which reinforces last week’s observation that “despite the low volatility environment, yesterday’s reversal could be the beginning of larger recovery…” Bulls must still contend with the 20 day average here but focus is on the confluence of the 12/21 high and 11/25 low near 13200 as long as price is above 12915 (1/2 low). Near term support is 13010 and 12975.

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