EUR/USD Trading off of Big Zones; Next One is 1.1500

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent EUR/USD comments noted that “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.” The rebound at 1.1060 sets the stage for a run at 1.15 (next zone is defined by highs since February 2015 from the mid-1.1400s to the mid-1.1500s). A push through there is still needed in order to clear the range for a trending move into the mid-1.20s.

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