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EUR/USD Continues to Fail Near Major Range Highs

EUR/USD Continues to Fail Near Major Range Highs

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD Continues to Fail Near Major Range Highs

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 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.

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

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

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