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EUR/USD Trying to Form a Base; Could Get Sloppy Near Term

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Traits of Successful Traders

-No change. “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.”