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Charts for Next Week - EUR/USD, Euro Crosses, AUD/NZD, Crude Oil & More
Coming into this week and reiterated in Wednesday’s webinar, we were looking for further weakness out of the euro. But with momemtum slowing at slope support dating back to May 2016 and the trend-line from December just a shade lower, caution on new shorts looks warranted at this juncture. A break below, however, will bring support just below 12100 into view. EUR/GBP continues to construct a multi-month wedge (not the cleanest pattern, but…), and while it may not trigger next week, it could break down any time soon. Or, for that matter, break the top-side trend-line which has kept a tight lid on it since October. ... (full story)