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Euro Short Term Channel Defines Resistance

Euro Short Term Channel Defines Resistance

2012-01-05 16:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Short Term Channel Defines Resistance

Prepared by Jamie Saettele, CMT

The next clear level of support isn’t until the August 2010 low at 12590 although one should keep the -3rd std dev band in mind at 12640. Price is at its lowest level since September 2010 so be picky with entries. Expect resistance at 12845 with an extended bounce running into offers at 12880-12900. Use the short term channel as a reference point for resistance. A drop below the channel would suggest that price is accelerating lower towards the mentioned levels.

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