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Euro at 2nd Bollinger Band for First Time Since October Top

Euro at 2nd Bollinger Band for First Time Since October Top

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro at 2nd Bollinger Band for First Time Since October Top

Prepared by Jamie Saettele, CMT

The EURUSD nearly reached the 12/21 high of 13197 today before turning lower at the US open. The last 2 days feel exhaustive (spike on news), which is of particular interest since price tagged the 2ndBollinger band today for the first time since the October top. Since the May 2011 top, the 2nd band has been reached on several occasions; 6/2/11-6/8/11, 10/14/11-10/17/11, 10/27/11, and today. In June, price ‘rode’ the band into the June 7th top. In October, price traded sideways after the initial touch of the band before the explosion into the 10/27 top. Structure at the current juncture is probably a diagonal in order to complete the 3 wave rally from the low. The implications are for a dip into 13050 (wave iv) before the final surge into the mid 13200s completes advance next week. Levels of note are the November low at 13212 and a Fibonacci confluence at 13233/38 (c=a and 161.8% extension of wave i of c).

Bottom Line – flat

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.