EUR/USD Daily Bullish Engulfing at Range Lows
Chart Prepared by Jamie Saettele, CMT
-To review; “EUR/USD spiked into the year open price (to the tick) before plummeting after ECB (also filled the gap from mid-Novmber). Confidence in any direction is nil at this point but bulls have work to do given the harsh rejection at the year opening price. In the event of a break, there is a parallel to be aware of just under 1.0400.” There isn’t much to add here. EUR/USD needs to establish above the year open (1.0872) in order to suggest that something positive is in the works. Until then, trade between roughly 1.0550-1.0750 is at best a holding pattern.