Near Term Trend: Negative
Friday’s Close: 1.05880 (- .50 pips)
UPDATE: Six weeks ago we noted key support at 1.0950- 1.0910 region, and as of 20 days ago the Euro settled below that region. Based on that I stated, “I would expect a test of the 1.07100- 1.06500 region”. We hit it and surpassed that region two weeks ago. As of last week Euro was trading 1.0550; accordingly we stated, “It’s oversold near term, and a slight bounce higher could be based on short covering to book profits pre- Thanksgiving. It subsequently bounce to 1.06200, and may be poised to bounce further.