EUR/USD May-August Trendline Turns Back Bulls Again
Chart Prepared by Jamie Saettele, CMT
High Frequency Trading Ideas and Traits of Successful Traders
-Bigger picture, “EUR/USD may be preparing for a substantial mark-up as noted in this weekly report. SSI has flipped to negative, which is viewed as a positive for price.” The dust has settled (after FOMC) but price remains trapped within a tight range. The 200 day average held but there is nothing to say that a Fibonacci / trendline confluence can’t be tested at 1.1085. The May-August trendline is the breakout barrier. As explained here, this is the longest consolidation ever for EUR/USD.
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