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EUR/USD Reverses at the Short Term Fibonacci Retracement

EUR/USD Reverses at the Short Term Fibonacci Retracement

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-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 but strength failing at the 61.8% of the decline from March warns of an eventual downside break.

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

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