EUR/USD Turns Down from Former Channel Support
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). 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.
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