EUR/USD Summer Lows Provide Resistance

Daily

Chart Prepared by Jamie Saettele, CMT

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-Recent comments remain valid. “The USDOLLAR index just traded to its best levels since 1 day after the April top yet EUR/USD is above the summer lows (barely). The non-confirmation is just that…a non-confirmation but EURUSD itself has broken under an important downtrend line.”

-Risk is still lower while under the summer lows (1.0807/47), which should provide resistance if another leg lower in EUR/USD is imminent.

- SSI is positive (although just 1.09 as of late Thursday…so close to another flip), which is considered bearish.

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