EUR/USD Long Term Bearish Slope Looms at Higher Levels
Chart Prepared by Jamie Saettele, CMT
-“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.
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