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EUR/USD Trying to Base at Major Price Point

EUR/USD Trying to Base at Major Price Point

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Traits of Successful Traders

-It’s REALLY quiet out there but EUR/USD continues to respond to important price regions. The region I’m referring to right now is 1.0520/30 (December 2015 low and 61.8% retrace of January rally). As long as this area holds, a constructive view is OK. Weakness below would shift focus to the March 2015 low at 1.0460. Strength above 1.0820 is needed in order to suggest that a bullish move is underway. Between 1.0460 and 1.0820 is ‘the wood chipper’. For more on EUR/USD, check out this video.

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