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Euro Decline is Corrective to This Point

Euro Decline is Corrective to This Point

2012-01-31 00:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Decline is Corrective to This Point

Prepared by Jamie Saettele, CMT

The EURUSD ended January up slightly more than 1% and looks to extend its gains in early February. The decline from the 1/27 high is left as a 3 wave decline that consists of 2 equal bear legs. What’s more, support at today’s low is reinforced by resistance from last week. In summary, price pattern remains constructive towards the early December congestion zone that begins at 13280. A drop below 13040 would put bulls on the defensive and shift focus to 12990, 12930, and 12875.

Bottom Line – Long, stop 13040, target 13280

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