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Euro Longs Favored on Dips

Euro Longs Favored on Dips

2012-01-12 19:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Longs Favored on Dips

Prepared by Jamie Saettele, CMT

The pop above 12818 strongly favors that idea that an important low formed after an ending diagonal from 13197. For the first time in a long time, structure favors the upside. Given the extreme sentiment, the rally off of the lows could be quite sharp and a return to 13200 isn’t out of the question (in fact, diagonals are usually fully retraced). Former support at 12900 is resistance in the interim. Favor the upside against 12700. Supports are 12780/90 and 12730/50.

Bottom Line – buy dips below 12800, stop 12700, target 12900 and 13200

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