It appears that the Euro
decline has come to an end....at least for a few days! With weekly chart RSI
at record oversold levels, the appearance of a daily bull hammer
should signal a basing phase or the setup of an accumulation pattern. Moreover, daily RSI
has come off a base and is now showing positive divergence. This is occurring while the top end of price action and RSI
are both coiling, which are characteristics of a imminent trend reversal. If, however, there's a lack of follow through strength on Friday, then all bets are off. Otherwise a move to 1.2858 at the minimum is forecasted over the next few days.