EUR/USD Extends Drop after Testing Summer Low as Resistance
Chart Prepared by Jamie Saettele, CMT
-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 1.26 as of late Tuesday…so close to another flip), which is considered bearish.
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