EURUSD Trading Signal. Since the start of the year, EURUSD 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 being put to the test. If it breaks, then short term focus is towards the year open at 1.0466 and maybe a lot lower given the 3 wave rally from the January low.
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EURUSD Trendline is Near 1.0590
The last EURUSD update noted that “big levels provide the impetus for big moves. EURUSD has dumped and this is the largest 3 day drop since mid-December (which was a low by the way).
From here, I’d watch the 100 day average for a response. The average was resistance in November and January.” The 100 day average and 1/30 spike low are just under the market at 1.0620. A proposed trendline is lower still…closer to 1.0590 on last Friday.
EURUSD Living on the Edge
EURUSD has been a good market for you the last few years if you’re style is to fade every ‘breakout’ and ‘breakdown’. At some point, a trend will emerge and this strategy of fading everything will ruin many.
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 being put to the test. If it breaks, then new lows are coming.
EURUSD Pulls Back To 1.0610
Under pressure by 1.0689 resistance, EURUSD pulled back to 1.0610. Deeper decline to test 1.0569 support is possible. A breakdown below this level will indicate that the downtrend from 1.0905 has resumed, then next target would be at 1.0500 area.
On the upside, as long as 1.0569 support holds, lengthier correction for the downtrend from 1.0905 could be expected to continue, and further rise to 1.0750 area to complete the correction is possible.
EURUSD Trading Signal & Chart Setup H4 14-04-2017
EURUSD Trading Signal.