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EUR/USD Pressing Line from Late June and July Highs

EUR/USD Pressing Line from Late June and July Highs

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD Pressing Line from Late June and July Highs

Chart Prepared by Jamie Saettele, CMT

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

-“EURUSD has broken support from the slope that extends off of the March and May lows. Near term focus is on the line that extends off of the March and April lows. That line is close to the 3/31 low over the next several days. Many are wondering whether or not this is the beginning of the next bear leg in EURUSD. It could be but a larger drawn out range is also a possibility.”

-Today (8/11), EURUSD broke above the line that extends off of highs since 6/29 before pulling back. The rate is bound within a tight range with 1.0904 as support. Exceeding 1.1130 would shift focus to 1.1278.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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

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