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EUR/USD at Same Parallel One Year Later

EUR/USD at Same Parallel One Year Later

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

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-“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.” The last day of the year reverse crash in EUR/USD tagged 1.0650 and the rate dropped to trend lows (over 300 pips under the 12/30 high) today. I’ll note the continued inability to close under a long term parallel (same level support on the 2nd day of trading in 2016) as a countertrend argument but bulls don’t have anything to work with unless price regains 1.0670.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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