Near Term Trend: Neutral to Negative
Friday’s Close: 1.12530 (- .63 pips)
UPDATE: Our closing comment weeks ago (Euro was trading 1.11140) was, “Key support at 1.1100 is being tested and could be an area the Euro attracts buyers”. Subsequently, the Euro never settled below our key support region of 1.11000, and on the contrary held support and rallied 240 points to close the week just under the 1.14000 region. Heading into this past week we expected consolidative price action between 1.14500 & 1.13000. The week started out that way for the first four days but broke under 1.13000 Friday.