Near Term Trend: Positive to Neutral
Friday’s Close: 1.11950 (- .89 pips)
UPDATE: Weeks ago we stated, “Key resistance at the 1.12800 region should act to contain any further advancement by the Euro (due to slope of the line that resistance region is now 1.13250)”.
Subsequently the Euro hit resistance at our internal black line twice in the last seven trading sessions and then failed to settle above the line. As a result, Fridays sell-off was an indication the Bulls began liquidating.
NOTE: Plenty of support under current price down to the 1.0950 region.