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Welcome to a New Week, Everyone!
We continue with “The King of the Currency Markets”, The Euro… as we observe “cautious” Consolidation in Price Behavior, while it’s Cross, Euro Yen, deals with Yen Strength in the Immediate-Term of the Sydney Open on Sunday.
As we spoke of yesterday morning in Sunday’s Post, The Euro Itself is facing Macro-Pressures on many levels in looking out in the Near-Term to Trichet and the ECB… and out in the Longer-View considering maintaining the Cohesion of the European Union as an Entity.
Some of my larger Thoughts were elaborated on there, so we will not re-visit them here…. so lets get right to the Units.
The Euro looks prepared for a couple of Scenarios in the Immediate and Near-Terms moving forward.
On the Daily View… the current larger Downtrend may look towards a massive Double-Top Formation if Price can violate the 1.3270’s Daily 200SMA and remain buoyant above this Area on this Time-Cycle.
If we find significant Failure here… then we may use the Hourly View to “pick-up” on where we may find Depreciating Levels.
Here are the Captures, so give them a Click for Commentary as always… and we will bring in the Euro Yen Hourly as well.
Post-Time is 2:45 GMT.
Of course, we will check in for Updates and also bring the other Crosses back in as well… considering subtle Dollar and Yen Strength as of this Post…
Please join me around 7:00 GMT, as always, for the “Currency Majors Technical Perspective” Report, where we can drill down to even more of an Immediate-Term View with the Euro as part of the Four Majors!
( Link should be active after 7:00 GMT… )
