June Eurocurrency – After plunging over 220 during Tuesday’s session, the euro opened lower on Wednesday’s reversal date before turning higher and posting a strong rally. The market had tested the reaction line support early in the session and it provided the springboard for the subsequent 200-point rally that was triggered by the reversal date. It is too early to say this is a major bottom in the euro, but it does mark the end of the cycle. May 19th was the second of two reversal swing dates clustered close together. When this happens, the second date is typically the most important date and so far, that scenario seems to be also true in the euro. I will have new R swing dates and target objective in the next issues of the TMV Swing Trade report.
