SWFX Sentiment Index
Thursday, March 8, 2012
EUR/USD Elliott wave Anlysis by DFX on 07/03/12
EURUSD Additional Upside Likely but in a Correction
Daily Bars
eliottWaves_eur-usd_body_eurusd.png, EURUSD Additional Upside Likely but in a Correction
Prepared by Jamie Saettele, CMT
Continue to expect corrective action in the EURUSD. “A 5 wave structure is visible from 13485. 13160 and 13190 are levels to expect resistance but a return to 13240 or even 13280 is certainly possible. Strategically, I’ll look to identify the end of the correction (via Twitter @JamieSaettele). The larger trend is down against 13360. A break under 12973 targets 12880.” Look to sell a spike on ECB tomorrow morning.
Bottom Line (next 5 days): lower
Daily Bars
eliottWaves_eur-usd_body_eurusd.png, EURUSD Additional Upside Likely but in a Correction
Prepared by Jamie Saettele, CMT
Continue to expect corrective action in the EURUSD. “A 5 wave structure is visible from 13485. 13160 and 13190 are levels to expect resistance but a return to 13240 or even 13280 is certainly possible. Strategically, I’ll look to identify the end of the correction (via Twitter @JamieSaettele). The larger trend is down against 13360. A break under 12973 targets 12880.” Look to sell a spike on ECB tomorrow morning.
Bottom Line (next 5 days): lower
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