EUR/USD Slips Under 200 Day Average; Still above Brexit Low

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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. I wrote several weeks ago that “if the move is lower then former channel support is probably resistance (blue lines).” That line was resistance but EURUSD has done nothing since then. Of course, the market has its own schedule. An SSI flip to positive did take place today (7/19), which indicates potential for extended weakness. Price has been trading around a flat 200 day average for some time in what’s indicative of a ‘trendless’ market so a ‘move’ is due.

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