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EUR/USD Major Breakout above 1.15; Otherwise Range

EUR/USD Major Breakout above 1.15; Otherwise Range

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “EUR/USD is pressing into a well-defined horizontal zone (highs since February 2015 from the mid-1.1400s to the mid-1.1500s). A push through this zone is needed in order to clear the range for a trending move into the mid-1.20s, at which point trending tools such as SSI would have a better chance at doing well. Until the range is cleared, be wary of near term ‘fake-outs’.” EUR/USD pulled back sharply and has turned up again. Exceeding 1.1500 on a daily close would indicate a breakout opportunity. Weakness below 1.1218 would eliminate the near term constructive ‘look’.

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