Euro

The daily momentum for the euro is about to cross over to the buy side, and a move above 1.1755, should be a minor wave iii of 5. Fibonacci calculations will point towards 1.215, and a move in that direction would break past the falling trend line from the 2008 hi that lies at 1.204. This would be one more level of confirmation that the long-term trend has turned from down to up.

A higher degree confirmation was received from the quarterly closing yesterday. The euro closed above the 20 quarter average and the quarterly momentum indicator crossed over to the buy side, both strong indications that the trend is bullish going forward.