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EUR/USD Extends Drop after Testing Summer Low as Resistance

EUR/USD Extends Drop after Testing Summer Low as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD Extends Drop after Testing Summer Low as Resistance

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-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.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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