Euro Pattern Clear; Short Term Resistance is Well Defined
Posted 03-19-2010 at 11:51 AM by DailyFX
Tags currency trading, dailyfx, eurusd, forex, jamie saettele
EURUSD expectations are for a small 2nd wave to bring price back to 13640-13700 either today (Friday) or Monday. A rally presents an opportunity to short against the larger 4th wave high in anticipation of a break to a 2010 low.
The 4th wave correction in the EURUSD is most likely complete. The top is close to parallel channel resistance as well as the 38.2% retracement of the decline from 14583 (common end points for 4th waves). More importantly, the decline from 13822 is impulsive (5 waves). Expectations are for a small 2nd wave to bring price back to 13640-13700 either today (Friday) or Monday. A rally presents an opportunity to short against the larger 4th wave high in anticipation of a break to a 2010 low.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream.
Send requests to receive his reports via email to jsaettele@dailyfx.com.
Read more: DailyFX - Euro Pattern Clear; Short Term Resistance is Well Defined
The 4th wave correction in the EURUSD is most likely complete. The top is close to parallel channel resistance as well as the 38.2% retracement of the decline from 14583 (common end points for 4th waves). More importantly, the decline from 13822 is impulsive (5 waves). Expectations are for a small 2nd wave to bring price back to 13640-13700 either today (Friday) or Monday. A rally presents an opportunity to short against the larger 4th wave high in anticipation of a break to a 2010 low.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream.
Send requests to receive his reports via email to jsaettele@dailyfx.com.
Read more: DailyFX - Euro Pattern Clear; Short Term Resistance is Well Defined
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.
Learn currency trading with a free practice account and charts from FXCM.
Total Comments 1
Comments
-
very nice....................
[url=http://ur.lc/dyv]Stock Tips | Free Stock Tips | Commodity Tips | Commodities | Share Tips | Intraday Calls | Share Recommendations SMS | Share Market Recommendations | Accurate Stock | Intraday Trading | Stock Market | Jackpot Call | Nifty | Equity Advises | BSE NSE [/url]Posted 03-20-2010 at 07:51 AM by honeyks
Total Trackbacks 0
