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Euro Nears Potential Pivot from August 2010 Low

Euro Nears Potential Pivot from August 2010 Low

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Nears Potential Pivot from August 2010 Low

Prepared by Jamie Saettele, CMT

The EURUSD plunged Friday after showing signs of a reversal on Friday. The ending diagonal pattern (from 13197) remains valid and the environment (spike low on news) is conducive to capitulation (may have already happened) and a reversal. The August 2010 low at 12590 remains a level to watch as support if reached. Resistance is 12695 and 12765.

Bottom Line – flat

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