The Last Look at the Euro?
- Posted by Greg Harmon
- on June 26th, 2012
The Euro could be in its final days according to George Soros. He recently cut his call for action from 3 months down to a few weeks. That may well be, but since we last looked at the fragile currency on May 4 (The Euro Needs a Catalyst) it found a catalyst and made a major move lower, tagging the target at 125 before bouncing. Now reversing that bounce it gives a target lower on a Measured Move to 1.1750. This would take it below the 1.18681 low from 2010 and fully unwind of the move higher. There are only two points of support along the way at 1.2333, the red B and 1.2150 before a test of that 1.18681 low. Of course if George is right it will not stop at 1.1750, and the next target is 1.07216, the bigger wedge pattern breakdown. Time will tell but the price action is all pointing lower.
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Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)