EURTRY is at a crossroads
8th July 2015
This year so far has been dominated by a steady rise in EURTRY. This has reached more than 52 big figures from low to high. But we now believe that this trend of higher lows and higher highs is under threat and that EURTRY is approaching Crunch Time.
This is because the latest decline from June’s 3.1285 top has extended to lower levels on each of the last 4 weeks – taking the cross to an important 38% retracement point and also close to the 21 week moving average that has defined the trend since February.
Importantly RSI, a favoured technicsal analysis signal, that has reflected demand since January has breached it’s own moving average. This has potential negative connotations – although a break of this week’s low (and 38% point) in next weeks trading will be needed as confirmation.
With demand attracted at the 38% point in the last couple of days, the jury is out on which way this cross will turn but we’re watching this closely and so, we feel, should you.
