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EUR/USD May-August Trendline Turns Back Bulls Again

EUR/USD May-August Trendline Turns Back Bulls Again

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD May-August Trendline Turns Back Bulls Again

Chart Prepared by Jamie Saettele, CMT

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-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.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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