EUR/USD Begins November at Critical Channel Support

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Chart Prepared by Jamie Saettele, CMT

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-The line that extends off of the March and April lows in EUR/USD continues to provide support (price has popped and dropped from the parallels for months). 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. Wait…there’s more! Last week, large speculators (trend followers) sold the most euros in one week since at least 2000. All the information presented here dims immediate breakdown potential. Pay attention to SSI too, which just flipped but isn’t yet overtly bearish.

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