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Euro 12880 Strengthened by Channel

Euro 12880 Strengthened by Channel

2012-01-17 22:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro 12880 Strengthened by Channel

Prepared by Jamie Saettele, CMT

I wrote yesterday that “the EURUSD 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.” Today’s rally is a nice start for those expecting a reversal but potentially strong resistance looms at Friday’s high of 12878. The level is reinforced by the 20 day average and trendline. The larger trend is considered down against 13076 (January high).

Bottom Line – flat

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