EUR/USD Uptrend from March Resuming?
Chart Prepared by Jamie Saettele, CMT
-Everyone (seemingly) is jazzed about EUR/USD going a lot lower. I’m not saying it can’t but this IS support. The line that extends off of the March and April lows provided support today (price has popped and dropped from the parallels for months). Yes, it’s one day but you can’t have a big low without a small low. Also, the USDOLLAR index just traded to its best levels since 2 days after the April top yet EUR/USD is above the summer lows. The non-confirmation serves as a reversal warning.
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