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EUR/USD Former Channel Support May Provide Resistance Now

EUR/USD Former Channel Support May Provide Resistance Now

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

High Frequency Trading Ideas

-EUR/USD has been trading in a range since March 2015. This is one of the longest ranges (defined as length of time since a 52 week closing high or low) on record. If the move is lower then former channel support is probably resistance (blue lines) although the 200 day average and former low are being tested now. Watch for an SSI flip to signal a behavior change as well. Interestingly, retail is still short EUR/USD (yet to flip to a long position on a daily close basis).

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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