EUR/USD Focus is on 1.1270
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.
-The break above the resistance line (old support) indicates that behavior has changed. Looks towards 1.1270.