The euro broke support at $1.30, completing a bearish descending triangle on the weekly chart and signaling another test of primary support at $1.26. In the longer term, breach of $1.26 would offer a target of $1.17*. Respect of the zero line (from below) by 63-day Twiggs Momentum strengthens the bear signal.
* Target calculation: 1.26 – ( 1.35 – 1.26 ) = 1.17
Pound Sterling is in a strong primary up-trend against the euro, with 63-day Twiggs Momentum completing troughs high above zero. Target of €1.255* for the current advance is about to be broken.
* Target calculation: 1.215 + ( 1.215 – 1.175 ) = 1.255