The Euro pulled off an outside reversal to the downside (exceeded the June high and closing below the low). The cash closing was 13388 and we elected the first minor Monthly Bearish Reversal leaving us 132-1333 to watch very carefully. We are still looking now for the September turning point. Here the chart pattern is awesome. The Break-Line Channel has performed perfectly capturing the rally and we can see the Euro has been unable to breach that resistance. On the downside, we should be expecting a drop to par in the months ahead.
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