Euro Bullish

First, the big picture monthly view of the €uro.  How long ago it was that we charted the high risk level of 140 (+/-), at which €uro hit the top (down) trend channel line and dumped out of a wedge.  Important support was lost at 120 and the anticpated bottom has been the lower channel line.

xeu.mo

Today commercial hedgers are in a bullish alignment for the €uro just as they were in 2012 as it began to rise for 2 years in the ultimately ill-fated wedge.

euro.hedgers

On the other side of the trade are the speculative interests, historically net short the €uro…

euro.spec

…and the public optimism index, which is a reliable contrary indicator and is hyper bearish now.

euro.optix

Finally, here is a dialed in 60 min. view of EUR/USD.  It looks bullish on the short-term as it burst up on the bad US Payrolls report and looks to be bull flagging.

eur.usd

Conclusion?  Well, the €uro looks bullish on both short and intermediate time frames.  Beyond that, out to the long-term €uro is bearish and USD bullish, with a long way to go in both technical parameters and time before that view can be altered.

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