Euro Outlook
Yesterday, the euro rose to 1.3680 as expected, and lost upside momentum there falling to a low of 1.3562 afterwards, and then recovering to 1.3603 this morning. technically, we are at a flat situation, depending on how we interpret the latest rally’s extension to 1.3685 two days ago… we explained at that time that the euro’s break above 1.3660 generated a bullish signal that may drive it to a retest of this year’s high at 1.3865, and possibly higher… this consumption will remain valid as long as an hourly close below 1.3525 is not registered… the other scenario lies on considering the rally to 1.3685 as a super-extended correction level; thus, the subsequent fall to yesterday’s 1.3562 will be a new downward development that would carry the euro to a break below the last bottom of 1.3359 seen on august 16th, with a potential fall to 1.3265 and 1.3205/1.3190, possibly lower… the price-action in the next sessions will clearly trigger a signal in either direction… watch a break below 1.3520, or a rally above 1.3650 for respectively a euro-bearish or a euro-bullish signal.
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