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Euro Continues to Slip
Written by article default Monday, 10 January 2011 17:52
60 Minute Bars
Prepared by Jamie Saettele
The EURUSD has dropped below its November low. Typically, a test of such an important level results in a bounce before continuation of the larger trend.As such, I do expect corrective action for a few days, which will present a shorting opportunity. Resistance is 13055, 13125, 13190, and 13250. My best guess at this point is that we’ll attempt shorts in the 13125-13190 area (former 4th wave). You’ll want to watch last week's RSI video for clues as how to navigate coming market conditions (or at least the conditions I expect). Any opportunities will be published via the DailyFX Forex Stream (as always). Also, traders may wish to view past presentations for education purposes. In the event that we continue lower immediately, downside objectives are 12780 and 12590.