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EURUSD Bulls Fail Test of Congestion

EURUSD Bulls Fail Test of Congestion

2012-06-05 22:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, EURUSD Bulls Fail Test of Congestion

Prepared by Jamie Saettele, CMT

The EURUSD reversed just shy of 12550 last night. The 260 pip move off of the low is enough for me to turn bearish again. Additional sideways trading can’t be ruled out of course (perhaps down to 12350 or even 12290 before another leg up) but the trend is down and we need to take our shots when they present themselves. 12475 is short term resistance. Use stops. The inevitable ‘Europe is fixed’ announcement will occur at some time and you don’t want to be caught short in that scenario. If 12542 fails to hold, then focus would return to resistance at 12625 and 12725. The plan would then be to short against 12823.

LEVELS: 12287 12350 12410 12475 12542 12625

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