EUR/USD Continues to Fail Near Major Range Highs
Chart Prepared by Jamie Saettele, CMT
-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 continues to struggle at this well-defined resistance area. Exceeding 1.1500 on a daily close would indicate a breakout opportunity. Until then, bullish into resistance (probably not a trait of successful traders) is a risky proposition, especially with the buck at support too.
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