EUR/USD Back for More at the 1.0800s Bull/Bear Dividing Line
Chart Prepared by Jamie Saettele, CMT
-EUR/USD is testing the breakout level (basically the bull-bear dividing line for the last few years). A push above exposes the 200 day average although trendline consideration is higher. Bigger picture, “an important region continues to hold (March and December 2015 lows at 1.0460 and 1.0524). 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 and potentially lead to the biggest ‘short squeeze’ (rally) in years.” 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.