EUR/USD – Watch the 20 Day Average on Weakness

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EUR/USD – Watch the 20 Day Average on Weakness

Chart Prepared by Jamie Saettele, CMT

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-Recent updates noted that “EUR/USD has turned up from the exact same parallel that provided support on the 2nd day of 2016. Again, strength through the 12/29 high would inspire confidence in a more important turn although there is probably resistance near 1.0790. In the meantime, intraday weakness is viewed as a bullish opportunity.” Pay attention to the 20 day average (especially on a closing basis) for support. Focus is higher but beware a possible reaction near 1.0790-1.0800. Strength above 1.0820 would open up 1.1180.

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