EUR/USD Trades Around Month Open Price
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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 and that EURUSD is headed higher. In the meantime, levels of interest from a trading perspective are 1.0566, 1.0735, and 1.0883.
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