Buzz & Banter
Just a heads up to keep an eye on the Euro and the U.S. dollar futures here. I've noticed that a number of market watchers over the past few weeks have been looking for a reversal in their respective trends, or at least a sizeable counter-trend move (up for dollar, down for Euro).
On a technical basis, the U.S. dollar September contract (DXU3) is testing the 92.80 area. A move to 92.60 would create a point and figure pattern called a bearish catapult -- good name, bad formation.
Meanwhile the Euro September contract (ECU3) has given a new point and figure buy signal today. The key area to watch for the Euro is 1.186 on the upside, a recent recovery high that was lower than the 1.19 high. On the downside 1.164 has turned into a rather key support area. On a point and figure basis it will take a tick at 1.162 to break this support, a spread quadruple bottom.
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