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EUR/USD Turns Up; Watch Underside of Former Short Term Support Line

EUR/USD Turns Up; Watch Underside of Former Short Term Support Line

2016-03-03 19:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Turns Up; Watch Underside of Former Short Term Support Line

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The EUR/USD breakout in early February failed. Price action since March 2015 consists of corrective movements and each leg is smaller than the preceding leg (contracting range). Hmmm…that fits the description of a triangle. Additional sideways (and probably contracting) trade is probably in store before a breakout attempt (could be either direction) in Q2. Trending strategies and tools such as SSI are unlikely to do well until we see resolution from the nearly year-long range. Near term, the market could see a response near the underside of the former support line. That line is about 1.1010 tomorrow (NFP). The turn higher off of well-defined horizontal support (summer lows) offers good RR. Check out the TOST series for more tips.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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