Chart Prepared by Jamie Saettele, CMT
-The last update noted that "EUR/USD is pressing into a well-defined horizontal zone (highs since February 2015 from the mid-1.1400s to the mid-1.1500s). A push through this zone is needed in order to clear the range for a trending move into the mid-1.20s, at which point trending tools such as SSI would have a better chance at doing well. Until the range is cleared, be wary of near term 'fake-outs'." EUR/USD pulled back sharply and has turned up again. Exceeding 1.1500 on a daily close would indicate a breakout opportunity. Weakness below 1.1218 would eliminate the near term constructive 'look'.
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 FXCM .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.