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EUR/USD Same Parallel, Same Time of Year, Same Result

EUR/USD Same Parallel, Same Time of Year, Same Result

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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-The last update noted that “the last day of the year (2016) reverse crash in EUR/USD tagged 1.0650 and the rate dropped to trend lows (over 300 pips under the 12/30 high) today (1/3). 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.” Sure enough, EUR/USD has turned up from the exact same parallel that provided support on the 2nd day of 2016. Again, strength through the 12/29 high would inspire confidence in a more important turn although there is probably resistance near 1.0790. In the meantime, intraday weakness is viewed as a bullish opportunity.

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

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