Euro Closes for June at 11095

by Martin Armstrong
Armstrong Economics

The Euro closed for June on the cash feed we use at 11095, which was just a hair under the May low of 11098. This is not a Reversal, but merely a technical indication of weakness. Support now during July lies at the 10880-10810 area and resistance begins at 11220 and 11440 with the major technical resistance way up at 13435 as the top of the channel it would need to break above to reverse the downtrend which does not appear to be likely any time soon.

From this May high, the euro has elected two Weekly Bearish Reversals and now we have 10790 and 10705 which is what we should focus on. You will see this tends to be supported technically for that uptrend line lies at 10750. There is some additional technical support at the 10600 area with technical support also at 10321 level.

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