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EUR/USD Faces Big Test Starting in mid-1.1400s

EUR/USD Faces Big Test Starting in mid-1.1400s

Jamie Saettele, CMT, Sr. Technical Strategist


EUR/USD Faces Big Test Starting in mid-1.1400s

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The measured move from the 2/3 breakout is just above the current market at 1.1410. 1.1436-1.1534 is a well-defined horizontal zone (highs throughout the last year) to be aware of. An important behavior change did take place with the move through 1.1050 but be aware of the mentioned zone as resistance within what is still a yearlong range. Also, SSI (view LIVE positioning HERE) has been useful in staying with the recent rally. I like to watch the indicator on a daily closing basis. A ‘flip’ (above 1.5) would suggest that the rally has at least paused.

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.