European recovery is highlighted by performance of the euro. Breakout above $1.38 would confirm a primary up-trend, with an immediate target of $1.43*. 13-Week Twiggs Momentum troughs above zero indicate a healthy primary up-trend. Reversal below $1.37 is now unlikely, but would warn of another test of primary support at $1.33.
* Target calculation: 1.38 + ( 1.38 – 1.33 ) = 1.43
Germany’s DAX found support at 9000. Breakout above 9400 would signal an advance to 9800*. Reversal below 9000 is as likely, however, and would test medium-term support at 8500. Short retracements suggest strong buying pressure — also indicated by 13-week Twiggs Money Flow oscillating high above zero.
* Target calculation: 9400 + ( 9400 – 9000 ) = 9800