-Long term comments remain valid – “EUR/USD has been holding its long term trendline support since March 2015 (even the January low is right on the line). November and December trade produced a tweezer bottom (reversal candlestick pattern…bullish in this case) as well. 2 scenarios seem most likely from the current juncture; a continued range (with roughly 1.15 resistance) or a bullish base that leads to an eventual breakout into the 1.20s.”

-Near term, FXTW suggests watching for support on the shorter term median line (bold black line on the chart above) in the mid-1.0600s. The market has been in a tight range since December. Such conditions aren’t conducive to SSI breakout strategies. However, ranges precede directional moves so don’t dismiss such strategies outright.

-By Jamie Saettele, DailyFx.com
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