Beware the Euro

The Euro has TWO Daily Bearish Reversals for the close today in New York – 13030 and 13000. A closing beneath these levels should spark a retest of support. Friday is a key day for this week as it is showing up in other markets as well. We need a close ABOVE 13081 on the cash to imply new highs for this week into that target. Volatility starts MONDAY so it looks like things will start to heat up next week. Only a weekly closing ABOVE 13133 will stabilize this currency short-term. A Friday closing BELOW 13020 will also signal a resumption of the downtrend ahead. A WEEKLY closing below 12895 will warn of new lows – this is technical and not a reversal.Next real turning point will be the week of 4/29.

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