News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
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

Daily

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

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Traits of Successful Traders

-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.

DISCLOSURES