June Euro Currency
The Fab Four refers to the Beatles who spearheaded the British Invasion in the mid 1960’s. The Fab Five I speak of describes the five wave advancing structure off the recent lows established in the June Euro currency market. This advance came on the backdrop of multi time frame momentum divergence. After peaking up to 1.17555 the market eased in an a-b-c fashion to 1.16625 in early trading activity before spurting higher to settle above the 4 hour cloud resistance zone. The market has not breached this indicator since mid April. Today’s action did not violate the 1.17555 level but I believe the foundation has been set for a more robust recovery in the weeks to come. Downside support comes in just beneath 1.17. This is a cross throwback zone which I contend will hold up. My first upside target comes in at 1.8200. This is a tough spot. A fortification of this level should set up further gains which I believe will extend to roughly 1.20500. Please feel free to contact me at Walsh Trading to discuss this and other market insights.
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