EUR/USD Dip and Rip on the 2015 Trendline
Chart Prepared by Jamie Saettele, CMT
-“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 Wednesday’s (11/9) events, the downside looks more appealing.” Fast forward and EUR/USD followed through on the downside, dipped below the 2015 trendline turned up. The action at the trendline could be a ‘fake-out’ that results in a broader reversal but the gap at 1.0850 needs to close before one can turn overly positive.
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