EUR/USD 1.1060 Still a Biggie
Chart Prepared by Jamie Saettele, CMT
-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.
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