USDOLLAR Not Yet Confirming EUR/USD Breakdown
Chart Prepared by Jamie Saettele, CMT
-It’s worth noting that the USDOLLAR index is still below its September high…yet EUR/USD has broken below its September low. Such divergence has indicated important turns several times this year (notably in April). In any case, recent comments remain valid – “sideways trade of the last 6 months should be viewed in a bullish context. The reversal on 10/15 was confirmed on the next day’s rally and it’s been straight up for the USDOLLAR index since then. Watch for support near recent resistance (10/14 high at 11970) in order to maintain a near term constructive view.”
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