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EURUSD Range Tightens as Short Term Trendline Holds

EURUSD Range Tightens as Short Term Trendline Holds

2012-08-16 22:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Range Tightens as Short Term Trendline Holds

Prepared by Jamie Saettele, CMT

The path in the EURUSD remains lower as long as price is below 12442. Why? Because the rally to that level is a clean 3 waves, which is corrective. A rally above 12442 would suggest that something more bullish is underway but we’ll deal with that if we need to. It is also possible that a triangle or flat is unfolding as wave 4 from 12040, in which case we likely see a run at the low (12040). In other words, there are multiple counts that point lower with price under 12442. 12184 and 12133 are of interest before the low and 12400 before the high. Remember as well that “daily RSI failing at the previous swing high is encouraging for bears.” 240 minute RSI has been bouncing between 60 and 40, indicative of course of a sideways market.

LEVELS: 12240 12285 12315 12385 12400 12442

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