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EURUSD Key Level Moved Down to 12333

EURUSD Key Level Moved Down to 12333

2012-07-10 22:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Key Level Moved Down to 12333

Prepared by Jamie Saettele, CMT

The EURUSD drop below 12255 satisfies minimum expectations for the wave v decline from 12333 but we can narrow in on additional (potential) objectives by zooming in on the decline from 12692. Common relationships in Elliott include equality between waves v and i and wave v = 61.8% of the length of waves i through iii. These 2 levels are at 12200 and 12063. The latter level is in line with the 12068 objective from the larger degree pattern. Any risk on shorts should be kept to 12340. Exceeding that level would leave shorts vulnerable to a move back into 12400. 12270/80 is now short term resistance.

LEVELS: 12065 12150 12200 12280 12333 12400

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