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EURUSD Attempting Rebound from Nearly 2 Year Low

EURUSD Attempting Rebound from Nearly 2 Year Low

2012-05-24 15:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Attempting Rebound from Nearly 2 Year Low

Prepared by Jamie Saettele, CMT

Former base channel supports are now resistance. The Monday pivot (12823) remains in place as the EURUSD has gone into free-fall the last 2 days. I wrote last update that “the importance of the January cannot be understated and a drop below could culminate in a panic washout type of drop towards former resistance at 12480 (June 2010).” The EURUSD has held 12500 so far but keep 12480 in mind if reached. Increasingly deteriorating sentiment probably needs to be relieved in the form of a correction, if even just sideways. In that event, 12724 is resistance.

LEVELS: 12904 12868 12824 12725 12650 12480

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