EUR/USD Short Term Technical Considerations Near 1.1000 and 1.1100
Chart Prepared by Jamie Saettele, CMT
-The last updates noted that “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.” The gap through a trendline is a great way for a ‘sizeable move’ to begin. A trendline confluence is near 1.1000 and could influence for a pause. After that, the long term median line is near 1.1100. If that breaks, then start getting creative on where this could go.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.