EUR/USD Stabilizes above Uptrend Support

Daily

Chart Prepared by Jamie Saettele, CMT

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-“EURUSD has taken out the final parallel from the line that connects the Oct and Jun 2014 lows. At the same time, 1.1450 (resistance in Feb) and 1.1533 (Feb high) could influence for a pullback.”

-EURUSD made high at 1.1466 in mid-May before pulling back into the 61.8% retracement (or close to it…the Fibo is 1.0845) of the advance from the March low. The rate continues to respect bullish slope so 1.18+ isn’t out of the question over the next several weeks. Watch for support now near 1.1100. Failure to hold 1.11 (daily close) would negate the near term bullish case.

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