EUR/USD Reverses at the Short Term Fibonacci Retracement -


    EUR/USD Reverses at the Short Term Fibonacci Retracement

    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.

    original source

    DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
    Learn forex trading with a free practice account and trading charts from IG .

    The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

    This article appears in: Investing , Forex

    More from DailyFX




    Follow on:

    Research Brokers before you trade

    Want to trade FX?