Monday Afternoon Euro Chart
Very simple chart, though there is one area where i want you to focus…it is the break down under the 1.3232 level. This level was significant because earlier the descending line was sunday evening resistance turned support. After 6E put in a session high early monday morning she faded riding support until the 1.3232 level failed. This fail coincided with strength in the dollar and bond.
As you can tell now, equities have completely diverged from the currency space….Perhaps if the euro can regain 1.32 ES could tests 2012 highs as cash wraps up.
|5 min 6E|