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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. 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. I’m employing 1.11 (late May low and close to Brexit day close and 200 day average) as the bull/bear dividing line (spot is there now). SSI has flipped to negative, which is viewed as a positive for price.
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