Euro currency - ready to drop hard

Just a quick update on the Euro. Both the daily and weekly cycles remain weak, there is nothing bullish about the near or mid term for the Euro. Conversely, that should mean the Dollar strengthens, which will put extra downward pressure on both the equity and commodity markets.


Euro, daily

Euro, weekly

Summary

We could easily briefly back test the 1.30 level, and/or the daily 10MA of 1.31. In terms of downside, primary target remains 1.25/24. If we don't see a bounce off that level, then further falls to the 1.20/19 level would occur. Look for a snap move lower next week.