After breaking major resistance at 1.15, the Euro
grinded lower to test that wide support area
. Last week we had a clear rejection off it, and at the same time rejection off the 34 day EMA
Wave. This is the futures
chart I am using for the weekly, that shows reliable volume
bars. Look at the condition of the Force Index
, it is out of its channel, oversold in an uptrend; very very strong buying signal.
The daily chart
shows a possible inverted H&S
, after a failed break of the H&S
top, which by itself is a very strong pattern that calls for higher prices.
I have my soft stop below this support area
, and a target of 1.30.