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EUR/USD – Focus on the 20 Day Average for Short Term Bias

EUR/USD – Focus on the 20 Day Average for Short Term Bias

Jamie Saettele, CMT, Sr. Technical Strategist



Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Traits of Successful Traders

-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.

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