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Euro Exceeds Early Month High, Focus on 13200

Euro Exceeds Early Month High, Focus on 13200

2012-01-25 23:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Exceeds Early Month High, Focus on 13200

Prepared by Jamie Saettele, CMT

I wrote yesterday that “reward/risk and the uncertainty ahead of FOMC (tomorrow) preclude trades at the current juncture.” Today’s insanity illustrates why trading amid uncertainty doesn’t pay. The drop below Tuesday’s low probably took out many bulls and trapped bears before the FOMC fireworks. Today’s move does feel like exhaustion but exhaustion can last several days. Support is 13025/50 and the next upside objective is the area that surrounds 13200 (12/21 high, 11/25 low, measured levels at 13230/40).

Bottom Line – flat

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