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EURUSD Consolidates after Big Monday

EURUSD Consolidates after Big Monday

2012-03-27 00:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Consolidates after Big Monday

Prepared by Jamie Saettele, CMT

The EURUSD remains confined to a tight range as participants await a breakout. Volatility is low and Wednesday’s close is at the upper end of its 20 and 60 day ranges. One can make a case that the decline from 13485 and advance from 13003 composes waves 1 and 2 of the next bear leg. That may be the case but from a trading standpoint I would wait until next week before doing anything. Aside from being important with respect to price extremes (highs/lows), a new month sometimes triggers a change in market conditions as well. 13190 is the pivot and resistance for Wednesday is 13415.

Bottom Line (next 5 days): sideways

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