Updated: Dec 31, 2018
It’s been a while since we devoted a post to the lowly euro, which has gone nowhere since reaching our 1.1281 target last month — for the second time. But, that’s okay. Prior to that, it was all over the map. We targeted 1.1281 in June [see: June 14 Update on EURUSD] as the pair’s rising white channel appeared to be breaking down.
It came within .002 of our initial target on Aug 15, then bounced up within .0001 of our upside/backtest target of 1.1734 on Aug 28. We spent over a month wondering whether it might stretch for its SMA200 when it finally broke down on Sep 27 and plunged to within .0014 of our secondary downside target.
EURUSD seems perfectly content with going sideways. The obvious next move would be to the purple channel top for a backtest of the SMA200. But, with economic news from the euro zone in the dumps lately, can it muster a rally?
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