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EUR/USD Testing Former Resistance Line

EUR/USD Testing Former Resistance Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD Testing Former Resistance Line

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.”

-Last week, EURUSD broke above the line that extends off of the 6/29, 7/10, 7/27, and 7/31 highs. Price has pulled back to test the top side of this line. If an attempt on the top of the multi-month range is in the cards, then price may turn higher now.

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

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