The next key weekly target for a turning point will be the week of June 17th. This Friday, a closing BELOW 13133 will warn that the euro is starting to weaken once again after this short-cover rally. The key support remains 12137 and this is where a weekly closing beneath this level will signal the breakdown in the Euro. Additional weekly support lies at 12665 and 12411. Weekly closings beneath these areas will provide short-term sell signals.
To see a buy signal, we need a weekly closing above 13298 followed by 13432. The major Weekly Bullish stand at 13913 and 14437.
We have an important turning point the week of 07/22 and a panic cycle going into the turning point for the ECM 8/07.
