Euro Closed 12820

Euro-W 3-30-2013

The closing for the Euro on spot at 128.20 on Friday was a serious break of support. The primary bank of support now lies at the 12100 area. This week proved to be a minor Panic Cycle taking out both the previous high and low. The turning points ahead are next week and the week of 04/15. If we have a knee-jerk reaction rising first, this should push the low into May. However, a collapse next week of 12100, could be followed by a rally into 04/15 with a resumption to the decline thereafter.

The primary channel shows the Euro never broke out to the upside and has been in a slow gradual decline. The primary support lies at the bottom of this channel in the 11100 area.

 

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s