The Euro is headed for a test of primary support at $1.26 against the greenback, after breaking support at $1.30. Respect of the zero line by 63-day Twiggs Momentum indicates continuation of the primary down-trend. Failure of support would signal a decline to $1.17*.
* Target calculation: 1.26 – ( 1.35 – 1.26 ) = 1.17
Pound Sterling continues to strengthen against the euro, testing resistance at €1.26*. The 63-day Twiggs Momentum trough high above zero indicates a strong up-trend. Weak retracement which fails to test the new support level around €1.22 would alert us to an accelerating/exponential up-trend.
* Target calculation: 1.22 + ( 1.22 – 1.18 ) = 1.26