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EUR/USD Consolidating at Former Trendline Support

EUR/USD Consolidating at Former Trendline Support

2016-08-23 19:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Consolidating at Former Trendline Support

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

High Frequency Trading Ideas and Traits of Successful Traders

-EUR/USD may be preparing for a substantial mark-up as noted in this weekly report. Near term, the line that extends off of the May and July lows could serve as resistance (we’re there now). As noted over the last several weeks, I’m employing 1.11 (late May low and close to Brexit day close and 200 day average) as the bull/bear dividing line. SSI has flipped to negative, which is viewed as a positive for price.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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