Forex: UK and Europe

The Euro broke primary support at $1.26 against the greenback. A peak below zero on 63-day Twiggs Momentum indicates continuation of the primary down-trend. Expect a test of the 2010 low at $1.19/$1.20.

Euro/USD

* Target calculation: 1.26 – ( 1.35 – 1.26 ) = 1.17

Pound Sterling is consolidating between €1.2350 and €1.2600 against the euro. Reversal below the lower trend channel would warn of a correction, while breakout above €1.2600 would signal continuation of the primary advance. Completion of a bearish divergence on 63-Day Twiggs Momentum would strengthen a bear signal.

Pound sterling/Euro

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