There was quite a bit of euro-related discussion in the chat room, including Armstrong’s supposed projection of a turn on March 10, so here’s my take. I’d flagged a potentially important support near 105 during a recent impromptu session, but the more finely nuanced target shown, at 1.0616 is the one we should use for now. It is clear and compelling, and we should expect a tradable bounce from very close to it. Enticing as this pivot is, if the futures overshoot it by even a small amount, that would imply more, possibly significant, weakness ahead. _______ UPDATE (11:35 a.m.): The pivot evinced no support whatsoever, implying the euro will continue lower.
