EUR/USD Treads Water Following Breakdown
Chart Prepared by Jamie Saettele, CMT
-No change here as EUR/USD has been treading water following its breakdown. “There isn’t much reason to suspect that the EUR/USD breakdown is complete. The post Brexit lows near 1.0900 along with the December 2015 weekly reversal settlement and year opening price (slightly below 1.0900) remain in focus. Channel lows rest lower still in the mid-1.0700s. Only traction back above recent lows near 1.1120 would suggest that pressure is relieved on the cross, in which case this drop would be viewed as yet another nasty fake-out.”
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.