The euro, meanwhile, is crashing. It has broken a short term cycle projection of 108.60. As of this morning it has broken trend support at the same EUR/USD level.
If that’s not reversed within the next half day or so, this could get much worse. 108.60 is also the level of a 21 year support trendline in March. If the euro ends the month below this, then the conventional measured move target of 86 derived from the massive top breakdown would be doable.
In the meantime, the next major support level below this is 1.037.
March 1 – Gold Consolidates, More Upside Ahead.
Subscriber update tomorrow.
