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EURUSD Probes Trendline from 2010 and 2012 Lows

EURUSD Probes Trendline from 2010 and 2012 Lows

2012-05-15 22:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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WeeklyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Probes Trendline from 2010 and 2012 Lows

Prepared by Jamie Saettele, CMT

“Monday’s high at 12904 is now the bearish line if you will.” I wrote yesterday that “action at the channel should tip us off to the next larger move (collapse or rebound). Why? A corrective interpretation of the decline from the February high remains valid as long as price is within the channel. A drop below the channel would be characteristic of an impulse. Shorts are favored on strength above 12855 against 12904.” After topping at 12868 during the European open, the EURUSD plunged to end the day below the important base channel level. The underside of that channel is potential resistance in the future but I want to highlight that price is testing the line that extends off of the 2010 and January lows and that the EURUSD is entering free-fall territory. There will be corrections (some sharp) along the way but our job is to short those rallies. Watch the European open. Initial resistance is 12770. A larger correction could test 12815. Interim support is 12700 and the January low at 12623 is obviously of interest.

LEVELS: 12904 12870 12815 12770 12700 12623 12480

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