EUR/USD – Basing for Launch?
Chart Prepared by Jamie Saettele, CMT
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…not shown on this chart which is close only). 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), which is not bearish. I’ve shown the close chart here in order to highlight the rate settled at the early December high after Brexit. Former resistance provided support, which is a positive. Price has been trading around a flat 200 day average for some time in what’s indicative of a ‘trendless’ market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.