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EUR/USD-Embrace the Chop

EUR/USD-Embrace the Chop

2016-04-26 16:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD-Embrace the Chop

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-There is no change to daily EUR/USD analysis. “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’. 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

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