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Euro Approaching A Major Top

|Includes: CurrencyShares Euro Trust ETF (FXE)

The Euro looks as if it’s about to move lower from current levels. When you step back and look at the big picture it’s been making a wave of lower highs and lower lows since the 08′ top and looks to be near the upper range of the downward channel. A break below $140 could send this significantly lower.

However, if this does rally and break above the upper trend line with good volume I would expect this to challenge it’s old highs from 2008. This is the more unlikely scenario, but it’s always a possibility and one most plan for it accordingly.

 

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