ECZ10 – December Euro (Last:1.3375)

Yesterday’s 1.3356 low was just 0.0013 points beneath the midpoint support show, but that is sufficient to imply that the now three-week-old downtrend is likely to continue to at least 1.2953, the ‘d’ target with which it is associated.  There is a lesser but still important support at these levels as well, at 1.3359, and its breach yesterday, slight though it was, is yet further evidence of more weakness to come.  The Hidden Pivot support at 1.2953 can serve as our minimum downside objective for the December Euro, but if and when it is reached, I’ll recommend bottom-fishing there aggressively with a tight stop-loss, since corroborating action at the midpoint has been rather precise.