Near Term Trend: Negative
Fridayâ€™s Close: 1.06419 (+ 37 pips)
UPDATE: We had been looking for a near term downside objective of 1.02500. As it turned out, 1.03530 was the low four weeks ago, prior to the bounce in the last three plus weeks.
Two weeks ago when Euro was trading 1.05220, we stated, â€śIf U.S. Stocks continue to correct lower, Euro could bunce toward 1.07500â€ť.
We had half of the equation correct â€“ Euro did bounce to 1.06890 but Stocks although initially came under some pressure have been neutral.