1. Continued hourly and especially a daily close above $136.80 in the June euro will indicate new long entry for a tradable multi-day advance and test at/near $137.43 (or higher) into Thursday, May 22 (+/-1 day).
2. Initial long position exit should be taken at/near $137.26. Further exit taken at/near $137.43 noted above. Any final long position exit will be messaged in a subsequent update.
3. Once long, a protective sell stop should be placed at $136.62. This stop will be moved higher as the market continues to confirm.
4. The above forecast advance may be a further expression of the recently forecast week of May 19 (+/-1 week) weekly bottom. A multiweek advance is expected off that bottom. Will update.
1. Next week, (the week of May 19) is the next important weekly bottom for the June euro (+/-1 week). Such a bottom would imply a tradable multiweek advance and substantially higher prices.
2. No immediate new action is being taken based upon the above indication as lower prices remain possible, as yet. Will update during next week.
1. Today’s June euro broke below the critical $136.80 potential buying territory and negated the earlier forecast for further advance to at/near $137.43 into Thursday, May 22 (+/-1 day). Will update.