Euro’s Close To Short Term Top

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.

Please bookmark us