EUR/USD Tests Short Term Trendline and Fibonacci Resistance

Daily

Chart Prepared by Jamie Saettele, CMT

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-“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.” Price turned up, took out the top of the multi-month range then reversed sharply. A broad range seems likely.”

-Each decline over the last month has rebounded from median line support. The broad range that’s been underway has tightened but the next move is probably around the corner. This median line is clearly important. A break below would shift focus to 1.09. As long as the line holds, the top of the near term range is in play in the mid-1.1400s.

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