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EUR/USD Ignores Draghi; Rallies from Support

EUR/USD Ignores Draghi; Rallies from Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Since May 2015, the area just above 1.08 has been support. That level was support again today, despite the ECB actions. As noted previously, “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.

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

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