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EUR/USD Familiar Resistance Line Comes into Play

EUR/USD Familiar Resistance Line Comes into Play

Jamie Saettele, CMT, Sr. Technical Strategist

4 Hour

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“There is a long term level to be aware of. The line that extends off of the 2008 and 2010 lows is at about 1.0545 this week. The March 2003 low is at 1.0499.” The low remains 1.0462. A period of range trading or at least a slowing in downside momentum may be in the works with the rate at a very long term level (line off of 2008 and 2010 lows).

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.