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Euro Remains Vulnerable

Euro Remains Vulnerable

2012-01-10 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Remains Vulnerable

Prepared by Jamie Saettele, CMT

The 3 wave rally from 12666 leaves the EURUSD in a vulnerable state. I remain focused on the August 2010 low at 12590, trendline that extends off of the May and October lows (at about 12550 today) and 100% extension of the decline from the May high at 12452. 12850/60 remains resistance.

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.

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