EUR/USD Former Channel Support May Provide Resistance Now
28 Jun 2016 20:13, GMTDaily
Chart Prepared by Jamie Saettele, CMT
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-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).
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