I’m not a big fan of weeklies…takes to long to know when you’re wrong, so I’m looking at the dailies, and they are showing strength heading into the weekend.
If we close around present levels (1.2375) we’ll be above the downtrend in place since the first of May as well as above the 50% retracement of the 1.2693/1.2042 decline at 1.2368.
1.2406 is key near-term. We topped at 1.2406 yesterday and there is a bottom from June 28 there. A break targets follow-through to the 61.8% retracement of the post-EU summit drop at 1.2444.
