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Chart Prepared by Jamie Saettele, CMT
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-No change other than noting that EUR/USD is once again pressing important near term support. “The EUR/USD range continues to tighten. In fact, the Q3 range is one of the smallest quarterly ranges ever (see this video for details). There are a number of positives from a technical perspective, including the 200 day average holding and SSI remaining negative. Still, a test of the 61.8% retracement of the rally from the Brexit low can’t be dismissed. The May-August trendline is the breakout barrier on the upside. Weakness below 1.1085 would suggest that the next move is lower towards at least the Brexit low at 1.0912.”
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