Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Top-Building Period for Euro


The two-week upmove in the euro/U.S. dollar from 1.2640 to 1.3440, or 6%, has the right look of a completed or nearly completed upmove, which we notice thrust above its channel resistance line earlier today, but has since pressed back beneath the line (1.3370).

Although the euro could loop up again and retest this morning's high at 1.3440, or even make new highs near 1.3500, the behavior around that upper channel line is warning me that the vast majority of the euro advance is behind us and that a top-building period is now in progress, which when complete should initiate a powerful directional reversal.

Between 1.3400 and 1.3500 I will look to add to our initial euro short model portfolio position in the ProShares UltraShort Euro (EUO).

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!