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EURUSD Short Term Exhaustion to Trigger Corrective Drop

EURUSD Short Term Exhaustion to Trigger Corrective Drop

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Short Term Exhaustion to Trigger Corrective Drop

Prepared by Jamie Saettele, CMT

The EURUSD has responded to the well-defined 13145 level. Still, treat weakness as corrective until evidence is sufficient to warrant a downside bias. Support is expected between 13000/13050 with 13020 of particular interest. The next upside level of interest is the May 1 high at 13283, which is reinforced by trendline that extends off of the 2011 highs. The trend is up against 12854.

LEVELS: 12936 13001 13050 13203 13283 13300

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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