Waiting on the Euro to Bottom
Currencies / Euro Jul 19, 2016 - 06:40 PM GMTBy: Gary_Savage
I’m just waiting for the euro to confirm a final intermediate cycle bottom. It’s now very late in the timing band at 33 weeks. So the bottom could occur at any time. My best guess is the euro will bottom and the dollar will top on, or the day before, the FOMC meeting next week.
The intermediate trend line has been broken. This needs to happen during cycle lows to get technical traders on the wrong side of the market. We are waiting for the trend line to break in gold.
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Gary Savage
The Smart Money Tracker
Gary Savage authors the Smart Money Tracker and daily financial newsletter tracking the stock & commodity markets with special emphasis on the precious metals market.
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