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EURUSD Additional Upside Likely but in a Correction

EURUSD Additional Upside Likely but in a Correction

2012-03-07 22:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Additional Upside Likely but in a Correction

Prepared by Jamie Saettele, CMT

Continue to expect corrective action in the EURUSD. “A 5 wave structure is visible from 13485. 13160 and 13190 are levels to expect resistance but a return to 13240 or even 13280 is certainly possible. Strategically, I’ll look to identify the end of the correction (via Twitter @JamieSaettele). The larger trend is down against 13360. A break under 12973 targets 12880.” Look to sell a spike on ECB tomorrow morning.

Bottom Line (next 5 days): lower

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