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EUR/USD Turns Down from Former Channel Support

EUR/USD Turns Down from Former Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

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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). 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) but price is viewed ‘at risk’ while under the pre-Brexit high (define risk points and see other trading tips), especially considering that former channel support just served as resistance.

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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