EURUSD Churning Below Resistance-Enters Bearish Seasonal Period
It’s awfully quiet out there. EURUSD is on pace for its smallest weekly range since 2/21, which of course is right before volatility exploded. Hopefully we get something similar now. My view on EURUSD hasn’t changed. Price continues to churn just under important resistance (neckline and VWAP). I’m presenting a new fork today. Notice how highs and lows since over the last month have been on/near the 25 and 75 lines within this structure. I ‘favor’ EURUSD holding below this resistance. A slope confluence suggests important support between 1.1400 and 1.1500 towards the end of October / mid-November. This makes sense from a seasonal standpoint (visit scandex.com/author/jamiesaettele/ to see the seasonal chart).
Director of Technical Research at Krilogy, author Sentiment in the Forex Market
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
Twitter: twitter.com/jamiesaettele
Website: krilogy.com/
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