1. Continued hourly and especially daily closes below $109.20 in the June euro will place the market into a ‘Sell’ position for tradable multi-day decline and test/attempt at $107.45/$25 into late this week/early next. Therefore, any further test/attempt at $109.20 is important and should be watched closely. Today’s (Wed., Mar. 18) session tested $109.20 and closed at $108.70.
2. Once short, initial short position exit should be taken at/near $108.10, further short position exit taken at $107.80, and final exit at/near $107.45. Aggressive can continue to hold for the possibility of lower prices and a trend following final exit.
3. An initial protective buy stop should be placed at $109.67. This stop will be moved lower as the market continues to confirm. Will update.
1. Yesterday’s (Wed., Mar. 18) June euro report indicated that any hourly and especially daily close below $109.20 in the June euro would place the market into a ‘Sell’ position for tradable decline and test/attempt at $107.45/$25 into late this week/early next. Yesterday’s (Wed., Mar. 18) session tested $109.20 and closed the day below it at $108.70.
2. Today’s (Thurs., Mar. 18) Globex (overnight) session tested the critical $109.20 level (Globex swing high, $109.31) closing hourly below that level, indicating new short entry.
3. Today’s June euro session continued on the decline and completed the forecast $107.45/$25 downside profit target (and lower) completing the trade. Will message any further entry or indication in the June euro.