EUR/USD - Bullish after the Trendline Response?
Chart Prepared by Jamie Saettele, CMT
-Since the start of the year, EUR/USD daily RSI has oscillated between 60 and 40 (nothing above 70 or below 30). This ‘RSI profile’ indicates range conditions. At some point, these range conditions will break and a trend will emerge. When is that ‘some point’? I don’t know but it’s probably soon because this feeling of peak frustration is typical before a sizeable move. Price wise, a short term trendline is holding. That line is the barrier for any sort of bullish outlook. The recent high and 200 day average is the pivot on the upside.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.