EUR/USD – Focus on the 20 Day Average for Short Term Bias
Chart Prepared by Jamie Saettele, CMT
-Very short term, pay attention to the 20 day average near 1.0640 in EUR/USD. This average has been a gauge of trend so far in 2017 (see 1/11, 1/30, and 2/8-2/9). Bugger picture, an important region continues to hold. The region I’m referring to is). As long as 1.0520/30 (December 2015 low and 61.8% retrace of January rally) 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 medium term bullish move is possible. Between 1.0460 and 1.0820 is trading purgatory. For a big wave count possibility, check out this video.
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