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Euro Crawls into Resistance Zone

Euro Crawls into Resistance Zone

2012-01-18 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Crawls into Resistance Zone

Prepared by Jamie Saettele, CMT

The EURUSD has crawled higher over the past day to reach trendline resistance that extends off of the December and January highs. Resistance is reinforced from Friday’s high and the 20 day average with a break above exposing former support from December at 12945. The common currency is at a crossroads as the market is saturated with shorts (could spark additional upside) but risk remains lower from here as per the early month high in place at 13076 (early month high is statistically significant). I favor selling strength into the mid 12900s. If price fails to reach 12945 resistance, then structure trades from the European opening ranges. Exceeding 13076 would confirm a reversal and shift focus to 13200.

Bottom Line – short strength above 12900, stop 13080

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