Our Forward line jumped since we last visited EUR/USD from 1.1010 to now 1.1064. Took 1 week and says this EUR is again in slow price grinds. EUR/USD held the same moderate top as before. I don’t see any excitement in EUR/USD. We are at a dangerous bottom overall. But EUR has ability to head lower. Note how oversold EUR/JPY is at its break point at 134.69 below and 135.63 above. EUR/JPY is not helping EUR/USD downside. Nor is EUR/AUD. AUD/USD saw new lows by help from AUD/JPY. We aren’t seeing the same in EUR pairs. I will look at other EUR pairs and post here in a few minutes. A EUR pair somehere is driving EUR/USD
The curve again downslopes today as all previous days. Any rallies, we sell. Overbought sell begins 1.0990 – 1.1002. Point at 1.1002 is a big break intraday for EUR/USD. Not likely seen especially today. Range breaks above 1.0963. Range breaks below 1.0913. Break below at 1.0913 is needed to see 1.0800’s and lower. Bottom range point 1.0814. Above 1.0963, range becomes 1.0963 – 1.1063.
Points 1.0938, 1.0939, 1.0946, 1.0953, 1.0965, 1.0978, 1.0990, 1.1002. Overbought again 1.0990 – 1.1002. Shorts need break 1/0938, target range bottom 1.0913. Don’t fall in love with this target today. Its a big break, cause then easily we see 1.0800’s.
More EUR pairs coming,
Brian Twomey, Inside the Currency Market, btwomey.com