Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Forms Inside Day at Bollinger Band

Prepared by Jamie Saettele, CMT

The EURUSD is has reached the 2nd standard deviation Bollinger band (20 day), which has pinpointed tops since the 2012 top was set in February. The level is reinforced by the underside of the former base channel (dashed line) and May congestion (notably 12725-12825). The confluence of resistance presents a short opportunity against the Monday high for a test of 12550 (watch the 20 day average for support closer to 12500). Exceeding Monday’s high would shift focus to the 100% extension of the 12287-12267 rally at 12820.

LEVELS: 12530 12556 12650 12746 12825 12910