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EUR/USD First Test for the Rally is Probably Near 1.0800

EUR/USD First Test for the Rally is Probably Near 1.0800

2017-01-17 20:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD First Test for the Rally is Probably Near 1.0800

Chart Prepared by Jamie Saettele, CMT

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-Recent updates noted that “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.” Intraday weakness on Wednesday bottomed at the December 2015 low. Focus is higher but beware a possible reaction near 1.0790-1.0800. Strength above 1.0820 would open up 1.1180.

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