This chart shows a EUR index equally weighted across other major currencies.
I recently posted a couple ideas that suggest EUR was setting up short opportunities.
This chart shows a textbook short squeeze towards support (Lower highs, pushing price towards support) , which is also the 0.5 fib level from the 2017 rally.
While EUR has seen a significant decline vs. USD, it has retained a lot of strength vs. other currencies. While there are signs that EUR looks vulnerable to a reversal, a break below this level would offer confirmation to the likelihood we will see further declines across EUR pairs.
I will post a view of the long term chart in the comments.
Comment
⋅
Weekly Chart....
0.5 fib still looks like it's holding as support, but being attacked.