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EUR/USD - Bullish after the Trendline Response?

EUR/USD - Bullish after the Trendline Response?

2017-04-18 19:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD - Bullish after the Trendline Response?

Chart Prepared by Jamie Saettele, CMT

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-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.

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