EUR/USD Resolves to the Downside…For Now
Chart Prepared by Jamie Saettele, CMT
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-Recent comments noted that “the EUR/USD range continues to tighten. In fact, the Q3 range is one of the smallest quarterly ranges ever (see this video for details). There are a number of positives from a technical perspective, including the 200 day average holding and SSI remaining negative. Still, a test of the 61.8% retracement of the rally from the Brexit low can’t be dismissed. Weakness below 1.1085 would suggest that the next move is lower towards at least the Brexit low at 1.0912.” Bears won out…for now. Focus is on the mentioned 1.0912. Recent lows near 1.1100 are estimated resistance if reached.
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