EUR/USD 1.1000 Looks Big
Chart Prepared by Jamie Saettele, CMT
-The 12/1 update noted that “EUR/USD has traded lower but in a series of overlapping waves. Momentum is lacking on the move lower as well. SSI is positive, although just 1.09 as of 12/1. A flip to negative would be bullish (I prefer to wait for a daily close on the other side +-1.5).” It didn’t take much time (although a lot of price!) for retail to turn short EURUSD. SSI is already -1.7. Bigger picture ‘pattern wise’, EURUSD is simply in a range between mostly 1.06 and mid-1.1400s. A former support line could provide resistance along with the 200 day average near 1.10 too.
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