The euro is headed for a test of primary support at $1.32. The peak below zero on 63-day Twiggs Momentum indicates a strong primary down-trend. Failure of support would offer a target of $1.22*.
* Target calculation: 1.32 – ( 1.42 – 1.32 ) = 1.22
2 Replies to “Euro approaches key support”
Comments are closed.
as we have seen a breakdown in the smaller boxsize in the point and figure chart yesterday at 1.3400 the prospective for the euro is not very rosy. We had good volume in the /6E future supporting that market view. If we see 1.3100 this is a sell signal in the greater boxsize of the point and figure chart with the yesterday activated vertical count of 1.2700. But we have almost identical counts in different boxsizes which is interpret as a price target cluster.
greetings
Stefan
Incredible charts now offers smaller box sizes, down to 0.1, that are better suited for charting the EURUSD and other forex.