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EUR/USD Short Term 61.8% Retracement acts as Springboard

EUR/USD Short Term 61.8% Retracement acts as Springboard

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD Short Term 61.8% Retracement acts as Springboard

Chart Prepared by Jamie Saettele, CMT

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

-Most recent remarks were that “EURUSD is basically in a range between 1.06 and mid-1.1400s. A former support line could provide resistance along with the 200 day average near 1.10. Above 1.10 would probably trigger a run towards the line that extends off of the August and October highs near 1.12. I like the upside for several reasons…notably SSI considerations and the break above the long term line (same slope as August-October trendline-this line is now possible resistance) that has been support/resistance at critical times since 2014.” The first week of 2016 brought a test and hold of the 61.8% retracement of the ECB rally, which is even more reason to like the upside in EURUSD. Resistance may loom now however near 1.1130. As always, pay attention to reward/risk.

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

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