EUR/USD Covers Most of Monthly Range on Last Day of April
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-EURUSD opened April at 1.3770 and closed the month at 1.3866. On the last day of April, the rate traded in a 1.3773-1.3876 range. Almost all of the range was done in 4 hours. That’s right, almost all of April’s range took place in the course of 4 hours on the last day of the month. This is crazy. Momentum wise, I am looking for a top. RSI at each top since December has been below 70. This weak momentum profile is not suggestive of a strong bull.
-The uncovered close at 1.3884 is still possible resistance. It is also possible that an ending diagonal is underway from the November low. If that plays out, then the market will trade above 1.3966 (and most likely above 1.4000) before topping.
LEVELS: 1.3753 1.37841.3843 | 1.3884 1.3909 1.3942
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