Next Stop for the Euro

The euro has been stuck in a range but looks poised to make a definitive move

   

Video Transcript

I would imagine that if the euro can break south of its bear flag pattern that the next stop will likely be a breakdown of its uptrend line. Now, we have to give it the respect it deserves here because, since August to now, there hasn’t been any change in the euro’s price. Think of this as a trading range.

It looked like the euro was going to break out but turns out it was false, and it did not. It broke out above only to see that every day sellers kept coming in until finally sellers have just taken over. But the next support is the rising trend line around 1.29 to 1.30. We’ll see if that breaks.

If it does, the next support line isn’t until 1.27. That is the euro.

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