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EURUSD Panic Low on Horizon?

EURUSD Panic Low on Horizon?

2012-07-12 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Panic Low on Horizon?

Prepared by Jamie Saettele, CMT

I’m still looking lower in the EURUSD as long as price is below 12300 (above there would put 12400 in play). EURUSD bottoms are usually the product of heightened emotions and in turn increased volatility. The current EURUSD environment does not fit that description. “Common relationships in Elliott include equality between waves v and i and wave v = 61.8% of the length of waves i through iii…” The 61.8% extension of the 13385-12287 decline from 12747 remains an objective at 12068. Within wave v, the 161.8% extension is an objective at 12150. 12225 is resistance.

LEVELS: 12000 12065 12150 12225 12300 12400

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