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EUR/USD Drop Accelerates; Largest Decline in 3 Weeks

EUR/USD Drop Accelerates; Largest Decline in 3 Weeks

2015-04-09 19:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Drop Accelerates; Largest Decline in 3 Weeks

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD rolled over at slope resistance but several longer term technical observations are worthy of note; the rate found low at an important long term level (line off of 2008 and 2010 lows) and the ownership profile (as per COT) is at a record. The speculative crowd has never been more bearish…ever. Such conditions typically precede important reversals…although not necessarily right away. A break above the resistance lines (old support) would indicate that behavior has changed. Until then, there is nothing bullish to work with.

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