EUR/USD Near Term Resistance is Slightly Higher
Chart Prepared by Jamie Saettele, CMT
-The only thing to add to the most recent update is that EUR/USD may drift higher into the parallel that extends off of the 8/31 low before ‘real’ selling returns. “EUR/USD has stabilized the last 2 days at the December 2015 weekly reversal settlement and year opening price. Still, the move is nothing to write home about just yet. 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.
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