/E7 (Euro futures, or FXE, Euro ETN) appears poised for a minimum rally of 2% up to the 1.0428ish resistance with the potential for a major trend reversal, should the Euro print a solid weekly close above that level, with a buy signal to come on a break above the minor downtrend line on the 60-minute chart below.
E7 60m July 8th
I’ll be on watch for a solid weekly close back into & especially above the long-term support zone on EUR/USD for a major buy signal as that would mean that this week’s (so far) breakdown below the 1.03530-1.05234 major long-term support zone was a false breakdown/whipsaw with the potential for a bear trap & key trend reversal in the Euro & US Dollar. On a related note, I plan to follow up with detailed analysis of gold, silver, & the mining stocks later today. EUR/USD weekly chart below.
EUR-USD weekly July 8th