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EURUSD is Vulnerable Following Failure to Extend Gains

EURUSD is Vulnerable Following Failure to Extend Gains

2012-08-08 22:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD is Vulnerable Following Failure to Extend Gains

Prepared by Jamie Saettele, CMT

Yesterday’s comments were that “the EURUSD is having issues clearing 70 on the 240 minute chart, which is often a warning sign. Viewed in the context of a 3 wave advance from 12041, price is vulnerable at the current level…respect potential for a move back to 12240/90.” Focus remains on 12240/90 as long as price is below Monday’s high. Exceeding 12443 would shift focus to 12507/54. Bigger picture, daily RSI is rolling over at levels consistent with bearish resumption. Look lower towards at least 12290. Notice that the 4th wave label is moved out in time to allow for a more complex correction, probably as a triangle or flat, from 12041.

LEVELS: 12220 12290 12326 12442 12480 12507

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