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EURUSD Rebounds from 9/12 High

EURUSD Rebounds from 9/12 High

2012-09-20 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Rebounds from 9/12 High

Prepared by Jamie Saettele, CMT

I wrote last night that “the other possibility is that the bounce from below 13000 composes wave B of an A-B-C correction from the top. In both cases, the larger trend is up. The difference in the latter scenario is that a drop below 12992 would take place before the next bull leg (with 13283 and 13385 in mind towards the end of the month). 12935/65 would be support. Resistance remains 13083-13120. In summary, I am bullish against 12854 with the understanding that bulls may get a better deal later this week.” The EURUSD slipped below estimated support to 12919 today. Another dip into the 100% extension at 12896 isn’t out of the question. Longer term traders need not be concerned with that given favorable reward/risk against 12854.

LEVELS: 12854 12896 12936 12990 13043 13084

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