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Euro Rally Left as a Correction

Euro Rally Left as a Correction

2012-01-04 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Rally Left as a Correction

Prepared by Jamie Saettele, CMT

The drop below 12915 negates the previously held EURUSD bullish bias as the rally from 12858 is left as a 3 wave affair. The implications are for a new low (under 12858). The next clear level of support isn’t until the August 2010 low at 12590 although one should keep weekly pivots in mind at 12840 and 12735. Resistance for Thursday comes in at 12970 and 12995.

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