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EUR/USD 1.1000 Looks Big

EUR/USD 1.1000 Looks Big

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

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

-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.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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