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Euro Tests Weekly Low in Choppy Trade

Euro Tests Weekly Low in Choppy Trade

2012-01-11 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Tests Weekly Low in Choppy Trade

Prepared by Jamie Saettele, CMT

I wrote yesterday that “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.” The EURUSD has rebounded slightly after dropping to a new low. Focus does remain on the mentioned 12590 and trendline (12530 for Thursday) BUT the requirements for an ending diagonal from 13197 have been satisfied thus increasing the risk of a reversal. Exceeding 12818 would trigger a bullish bias.

Bottom Line – flat

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