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CurrencyShares Euro ETF Message Board

  • keybotthequant keybotthequant Aug 3, 2011 8:34 AM Flag

    XEU Euro Chart

    XEU Euro Daily Chart Descending Triangle Gaps

    XEU euro moving out into a descending triangle pattern, the latest action playing around at the top rail before pulling lower back into the triangle. The 141 is huge support; it's a big deal should it fail. 140-141 very important. A failure of the triangle's 141 base line would target 133. Price is under the 20 MA that is under the 50 MA, bearish. Lots of sideways sputtering is occurring but projection would be for the base line to give way in the days and weeks ahead. Gaps are highlighted. Euro down = dollar up = equities down = commodities down = treasury price up (yields down).

    For XEU chart use search box above for keystone speculator or view at stockcharts public charts list keystone speculator.

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    • I agree with your judgement but see the downside
      limited at 1.36...

      ..parallel to the upper line through the
      first bottom of the pullback..

      • 1 Reply to xondox
      • Interesting that you have a 136 target. Latest chart here, should the descending triangle fail, targets 133-135, the same neighborhood. FXE target more like 132-135. So the target area is similar.

        XEU Euro Daily Chart Descending Triangle and Gaps:

        Euro shows a descending triangle in place with support levels of 142 and 141 extremely important. A break of these levels points to lower targets of 133-135. Note the thin red lines showing how price matched the high from three weeks prior but the indicators were negatively diverged and unenthusiastic about seeing price move up. Also note how price busted up thru the upper rail of the triangle signaling a bull rally but it was a fake out as often happens out of triangles and now price has collapsed back into the safety of the triangle.

        Price, the 20 MA and the 50 MA areall the same number verifying the sideways motion of price. Lots of gaps provide downside targets. Also of interest is that the majority of technicians are calling the formation above a bull flag, in other words, this consolidation action for the last four months is simply a pull back and the euro will explode higher from here. Keystone does not see that, the descending triangle appears more logical, at least at this juncture. In addition, the positive move up coming for the dollar will compliment a move down in the euro. Chart continues sideways like the dollar chart continuing sideways but in the days/weeks ahead, 142 should fail, then 141, then you will see the slide down in the euro occur as the dollar index moves upwards.

        For euro charts use search box for keystone speculator or view at stockcharts public charts list keystone speculator.

 
FXE
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