U.S. Markets close in 16 mins.

EUR/USD Daily RSI Tendencies Suggest We Treat Rally with Suspicion

Jamie Saettele, CMT

Daily

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Daily RSI Tendencies Suggest We Treat Rally with Suspicion

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?


FOREXAnalysis: The EURUSD has been a mess of late and I spoke of one setup to watch for (in conjunction with USDCHF) during Monday’s webinar. There is something else of interest here however…RSI. In ranging markets, tops are often found with RSI near 60 or near previous RSI peaks. EURUSD daily RSI is at both (circled area is a prior peak). Still, the RSI range concept simply suggests the possibility of price support/resistance. The concept is much more powerful when a clean pattern is evident. There are too many possibilities at the current juncture (including the one described in the video…which would be a move above 1.3242 and THEN a reversal lower).


FOREX Trading Strategy: Flat


LEVELS: 1.2955 1.2997 1.3043 1.3113 1.31791.3242


DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.