EUR/USD Tracking for 2015 Line Near 1.0600
Chart Prepared by Jamie Saettele, CMT
-There is no change other than noting that the March-December 2015 trendline should be watched near 1.0600. “The initial EUR/USD reaction to the U.S. election resulted in a 300+ pip run that reversed right at the median line from the 8+ year channel. As noted many times in technical articles recently, the sideways trade since March 2015 represents the longest period of range contraction since the inception of the euro. The resulting break, whenever it happens, should be phenomenal. The median line has been resistance (at times to the pip) since August 2015. After the inability to break down post-Brexit, I thought that the rate would break higher. After Wednesday’s events, the downside looks more appealing.”
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