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EURUSD Bearish Structure Valid against 13485

EURUSD Bearish Structure Valid against 13485

2012-03-28 22:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 MinuteBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Bearish Structure Valid against 13485

Prepared by Jamie Saettele, CMT

The EURUSD remains confined to a tight range as participants await a breakout. 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 is 13415 (one more high may complete the advance).

Bottom Line (next 5 days): sideways/lower?

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