Trends in Futures - Commentary for Week 11/17 December Euro

Close above crisscross of up & downtrend lines is friendly, but what this chart does not show is that when electronic trading ended on Friday it was trading below 126.00. I would target 120.00 down the road. Charts turn bullish above 134.00. You got the downside breakout but was rejected and reversed higher on this daily bar chart.

Historic moves in currencies join the fray with commodities, stocks, and just about every futures market. I will leave the fundamentals to you and stick with the technical’s when trading the currencies. I remain long term bullish the dollar. Dollar is King! Panic and economic deterioration makes the US a comfort zone. Panic and risk drive this market centering on risk unwinding and deleveraging. European economy shows no signs of a recovery. Terrible EU industrial production dropped to its lowest level since 2002. UK unemployment rate is at its highest since the 90’s. My CTA fund account is still short.

On Friday in the daily numbers service my resistance was 78 from the actual high and my support was 55 from the actual low. 

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