Near Term Trend: Negative
Monday’s Close: 1.1132 (+ .21 pips)
UPDATE: Six weeks we stated, “Euro vs. U.S. Dollar would have to settle below 1.12850 for the U.S. Dollar to gain any semblance of buying power”. In addition, three weeks ago we followed with, “A settlement below our pivot could trap the long position traders in Euro. My guess is it has already taken place to a certain degree”. Two weeks the Euro officially dipped under 1.12850 and has not had any ability to rally, thus far.
However, key support at 1.1100 is being tested and could be an area the Euro attracts buyers.