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Euro Resistance at 12840

Euro Resistance at 12840

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Resistance at 12840

Prepared by Jamie Saettele, CMT

The EURUSD nearly made a key reversal today. The volatility condition (day’s range >= 20 day ATR) was not met however. Watch the short term channel Friday, especially the intersection of the channel and 100% extension at 12840 for resistance. Additional resistance would be 12900. Downside objectives remain the August 2010 low at 12590 the 100% extension of the decline from the 2011 high at 12455. Watch for support from the line that connects the May 2011 and October 2011 lows as well (at about 12560 Tuesday). A 5 wave rally from the low or push through 13080 would trigger a change in bias.

Bottom Line – sell rallies into 12840-12900, stop 13080, targets 12590 and 12455

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.