EUR/USD – From Big Resistance to Little Support
Chart Prepared by Jamie Saettele, CMT
-Recent updates have noted that “1.0820/50 (supports going back to 2015) is a big level. Strength above would be viewed as an important technical event and shift focus to 1.1200 (or close).” The recent high was 1.0828 so the ‘big level’ is resistance for the time being. 1.0820/50 is viewed as the dividing line between bull and bear (just as it was in 2016…and most of 2015). Near term, EUR/USD has dipped into what I’d consider a minor level for support (1.0620/60). The bigger spot to know is 1.0520/30 (December 2015 low and 61.8% retrace of January rally.)
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.