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Euro Threatens Early January High

Euro Threatens Early January High

2012-01-23 22:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Threatens Early January High

Prepared by Jamie Saettele, CMT

After gapping lower to begin the week, the EURUSD rocketed higher in Europe to trade to its highest level since 1/4. Near term focus is on the early month high at 13076, which is reinforced as resistance from December congestion with a break above targeting 13200. Despite the break above channel resistance, a potentially completed 5 wave rally from the 1/13 low keeps me from turning bullish here. The implications are for a correction back towards at least 12875. 12950/85 is interim support.

Bottom Line – flat

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