Near Term Trend: Negative
Friday’s Close: 1.11148 (- .311 pips)
UPDATE: Our theme for the last two months, “Key support at 1.1100 is being tested and could be an area the Euro attracts buyers”. Even as seven trading days ago, the low was 1.11280, held support at our proprietary up- trend line and rallied above 1.14200. In light of several months of 1.11000 holding and guiding support for the Euro, it all proved to be too much on Friday as the Euro collapsed under the UK exit from the EU. Our trend line was violated in the process, and now 1.12200 acts as key resistance.