EURUSD Holding at 3rd Bollinger Band For Now
Prepared by Jamie Saettele, CMT
The EURUSD has declined for 7 consecutive days (close to close) for the first time since early September 2008. The character of the decline is quite different this time around. In September 2008, the EURUSD was in the midst of a 2000 pip decline in less than 2 months. A bottom was registered on 9/11/08, which led to a 1000 pips advance before another 2000+ pip drop. The current decline could be the beginning of something bigger but beware of a pop into 13080-13120 in order to close the gap. Such a bounce would present a short opportunity.