Saturday, 18 June 2016

Blog post: EUR/USD testing daily chart trend channel support, 30 year trend line nearby

EUR/USD is at an interesting juncture, I think.

Daily chart first. From the December low EUR/USD chopped upwards in a corrective fashion to the May high. The corrective nature of that rally implies that the December low will break at some point. The market could chop higher still before that happens. Right now, nearby trend channel support is key.

Monthly chart shows that any break of the December low would break a 30 year old up trend channel. A break lower from the daily chart channel could be the first step toward that break. One thing leads to another.

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