EUR/USD Takes Out ECB High in Latest False Break
Chart Prepared by Jamie Saettele, CMT
-Recent comments noted that “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.” EUR/USD took out the ECB high today (1.1040) but the mentioned 1.1120 is still more important from a structural standpoint. It’s still too early to proclaim that the next c wave low is in place.
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