TechnoMeter

Last week, the Euro furthered weakness off confluent trend-line resistance. The move from resistance already has big support in view as the trading range remains quite narrow in historical terms. Only a small handful of times has the 6-month range ever been this tight.

In the current environment fade trades off significant levels have been the only tactical approach working. Next week may bring another such opportunity if either the lower parallel holds or price maintains the zone from around 11320 down to 11268, with price support the most meaningful.

The 11300-level became important back in August, with the area just surrounding it having become an inflection point of support on numerous occasions since late October. The more times a level or price zone is tested the more meaningful it becomes.

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