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EUR/USD 1.1060 Still a Biggie

EUR/USD 1.1060 Still a Biggie

Jamie Saettele, CMT, Sr. Technical Strategist



Chart Prepared by Jamie Saettele, CMT

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

-As a reminder, “The 20 day range (about a rolling month) stands at 1.69%. This is the tightest range since early December 2014. Several weeks later, EUR/USD dropped from above 1.24 to nearly 1.11 in about 5 weeks. Point is, strong trends tend to succeed tight ranges. Pay attention to SSI, which may help ‘catch’ the move. As always, reward/risk is paramount so be aware that 1.1060 looms as resistance (December high, 200 day average, and trendline).” Last Thursday, I put out a video warning of a ‘bear trap’ in the USD (bull trap in EUR/USD). The USD made trend highs on Friday while the EUR/USD held the range (implication is bullish EUR/USD). Those that were bearish on the USDOLLAR dip likely threw in the towel on Friday’s rally.

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.