G’day surfers – are we there yet?
Week three of the EURO sell off continued yesterday with another 90 pips disintegrating. Of greater significance is where the day concluded – right on the last Support! The seven month old Support Trendline #1 is currently being tested and is absolutely crucial to EUR/USD’s immediate future. In a free falling market, we can simply watch until some restraint is evident by way of pullback – yesterday there was none!
The integrity of the bespoke trendline is really the only thing that matters for EUR/USD currently. Should it be broken, EURO is destined to settle somewhere in the 1.20’s next week.
The Day Ahead
With that thought onboard, I will put the charts out of my mind and begin a relaxing weekend. I’m wishing you and your loved ones the very same. Have a great break everyone and save some time for you – I’m sure you deserve it !!