Euro's Close To Short Term Top

By Poly

The Euro is 56% of the Dollar Index and therefore its movements will directly impact the above Dollar index chart. The Euro is in the timing band for a top and could be ready to begin moving lower towards an eventual ICL. The $1.36 top set two weeks ago is potentially the IC top and if so, we should see a breakdown of the 13 week up trend line occur within the next few weeks. But that might be a little premature, the Euro is well correlated with risk markets and therefore I doubt the move has ended. The Euro Daily Cycle is showing that it's ready to form a DCL and move higher over at least 3-7 sessions. That bounce should be good for a move back to at least $1.35 which would set the scene for a potential double top near $1.36.

This as is an excerpt from this weekend's premium update published on Saturday (2.16) focusing on the Euro from the The Financial Tap, which is dedicated to helping people learn to grow into successful investors by providing cycle research on multiple markets delivered twice weekly, as well as real time trade alerts to profit from market inefficiencies.

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