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EUR/USD Pulls Back; Nears Breakout Level

EUR/USD Pulls Back; Nears Breakout Level

Jamie Saettele, CMT, Sr. Technical Strategist



Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-As noted recently, “an important behavior change did take place with the move through 1.1050 but be aware of the mentioned zone (starting at 1.1410) 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.” EUR/USD ran into a wall at channel resistance. The last few days may be nothing more than a pullback into the breakout zone but 1.1050 does need to hold in order to maintain a constructive outlook.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.