TechnoMeter

The Euro recoiled from two-month trend line resistance against the US Dollar but sellers are still unable to punch through long-standing congestion area support. The symmetric Triangle setup noted last week seems to be invalidated however, marking a small but noteworthy bearish update of near-term positioning.



From here, a daily close below the 1.2154-73 area (March 1 low, 38.2% Fibonacci expansion) exposes the 1.2055-70 zone (50% level, August 29 high). Alternatively, a push back above near-term resistance at 1.2300 opens the door for another run at the falling trend line, now effectively at the 1.24 figure.

more...