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Euro Breakout Could Reach 13400

Euro Breakout Could Reach 13400

2012-02-07 23:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Breakout Could Reach 13400

Prepared by Jamie Saettele, CMT

I wrote of the EURUSD bullish triangle yesterday, writing that “an upside break would be expected since triangles are continuation patterns and the trend that preceded the triangle was up. An objective is the mid 13400s, which is defined by the 50% retracement of the decline from the October high at 13435 and early December resistance at 13460.” Expect support at 13200/20 and the upside is favored above 13085. Longs were taken today via Twitter @JamieSaettele.

Bottom Line – long on weakness between 13200/20, stop 13080, target above 13400

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