Near Term Trend: Neutral
Friday’s Close: 1.12191 (+ .19 pips)
UPDATE: Five weeks we stated, “Euro vs. U.S. Dollar would have to settle below 1.12850 for the U.S. Dollar to gain any semblance of buying power”.
As of this past week, and particularly on Friday, Euro settled well below 1.12850.
As we stated two weeks ago, a settlement below our pivot could trap the long position traders in Euro. My guess is it has already taken place to a certain degree.