Near Term Trend: Positive
Friday’s Close: 1.13023 (- .24 pips)
UPDATE: Three weeks ago we noted the Euro hit a low of 1.09520 which was just above our implied support region of 1.09000.
Subsequently the Euro rebounded 2 ½ big figures toward the 1.12000 region within five trading sessions. In spite of this, we noted at that time; 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). Currently Euro is abutting up against that region. Will resistance hold?