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EUR/USD Sees Biggest 3 Day Drop Since December

EUR/USD Sees Biggest 3 Day Drop Since December

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-“Higher highs and higher lows are in place for 2017 in EUR/USD but the rate has failed at a big technical level. The level in question is the 200 day average and US Presidential Election Day close at 1.0909. As long as price is under the noted 1.0909, it’s difficult to be overly bullish.” Big levels provide the impetus for big moves. EUR/USD has dumped and this is the largest 3 day drop since mid-December (which was a low by the way). From here, I’d watch the 100 day average for a response. The average was resistance in November and January.

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

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