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EUR/USD Dip and Rip on the 2015 Trendline

EUR/USD Dip and Rip on the 2015 Trendline

2016-11-29 20:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Dip and Rip on the 2015 Trendline

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Traits of Successful Traders

-“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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