EUR/USD Rally Struggles after Internal Channel Line Test
Chart Prepared by Jamie Saettele, CMT
-“Bigger picture, an important region continues to hold. The region I’m referring to is March and December 2015 lows at 1.0460 and 1.0524 (low again today on 3/9). Between 1.0460 and 1.0820 is trading purgatory in my opinion but a move through the top side would make higher swing highs and lows following a false breakdown in late 2016-early 2017. Until then, I’m open to just about anything. For a big wave count possibility, check out this video.” I also noted last update to pay attention 1.0720 for resistance. High for the move so far is 1.0714, which is in the neighborhood and keeps near term downside intact.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.