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EURUSD at Intraday Fibonacci and 20 Day SMA but Still Vulnerable

EURUSD at Intraday Fibonacci and 20 Day SMA but Still Vulnerable

2012-08-09 22:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD at Intraday Fibonacci and 20 Day SMA but Still Vulnerable

Prepared by Jamie Saettele, CMT

The warning signs covered here in recent days such as the inside day on Tuesday at resistance and RSI failing to exceed 70 on the 240 minute chart were prescient as the EURUSD continued lower today. Initial support at 12290, defined by the 20 day average, has produced a bounce, but focus remains lower towards 12240 and 12140. Resistance for Friday is 12325/45. Bigger picture, daily RSI is rolling over at levels consistent with bearish resumption. The 4th wave label is moved out in time to allow for a more complex correction, probably a triangle or flat, from 12041.

LEVELS: 12220 12240 12266 12325 12345 12387

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