Euro Holiday Over

Back to work and school and the Euro is about to get schooled. There is a clear set up for taking out the 104 handle.

Euro 5 Day
click to enlarge
Pretty easy to identify the corrective look of Thu afternoons weak rally. It is structured in an abc and 
cannot even achieve a 50% retrace. Now it is overlapping the previous highs of "a". 
So lower looks highly likely.
Euro 6 mo.

click to enlarge
The recent move off 117 in the above chart, has overlapped the highs of the structure up, as highlighted. That strongly suggests that the structure up is complete and taking out the 108 level will confirm that.
Euro 5 yr
click to enlarge
If the recent abc up from 104 is complete new lows are likely with 98/96 the first fib target zone. 
Who's next?


Popular posts from this blog

WTI Update- a 4 Handle Future?

Biden Climate Plan and Global GDP

Gasoline a By-product of Distillate