Euro Weekly Chart Review

 

Since 2008 the Euro has been in a decline or bear market with wild counter-rallies thrown in to keep us all confused, in what the real direction of the Euro is.

The Euro makes up about 57.6% of the US dollar basket, so there is no chance that the Euro will wander in some direction other than inversely to the US dollar. I’m working a  Primary degree diagonal wave 1 with the USD,  but this would be inversed when we look at the Euro. The Euro will not separate itself from gold as the Euro bull market and gold sync up extremely well.

I’m a bit suspicious with my short-term wave positions as we would need a bullish phase to complete wave 2 up in Primary degree. If the bottom has completed, then the Euro should push higher, creating new bullish highs in the process. We have 3 months for this market to give us a clear, “make or break” type of move.

 

 

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