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Euro Trades Under Friday Low

Euro Trades Under Friday Low

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Trades Under Friday Low

Prepared by Jamie Saettele, CMT

Building off of last week’s comments that ‘the rally feels exhaustive in nature’, the EURUSD reversed all of Friday’s gains today in what is viewed as the first leg of a deeper corrective decline. Resistance was reached during the US session at 13135 (additional resistance is 13170) and price needs to stay below13234 in order for the reversal scenario to remain valid. It is important to note that Friday’s high registered just above the November low at 13212 and right at a Fibonacci confluence at 13233/38 (161.8% extension of 12875-13062 / 12930 and 100% extension of 12623-12986 / 12875). 12985, 12930, and 12875 are downside levels of interest this week. Resistance above Friday’s high is 13280. German unemployment change is due for release Tuesday at 3:55 (EST).

Bottom Line – flat

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