EUR/USD – Like it Above 1.08; Don’t Like it Below 1.08
Chart Prepared by Jamie Saettele, CMT
-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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.