EUR/USD into the Abyss
Chart Prepared by Jamie Saettele, CMT
-To review; “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.” EUR/USD dropped to 1.0366 today (the mentioned parallel was hit), its lowest level since January 2003. On a bigger picture basis, the drop brings an end to the consolidation that began in March 2015. The consolidation was 10% so a breakout target is .9550. Above 1.0670 negates.