Courtesy of Chris Kimble
An important price point looks to have taken place at (1), on Wednesday, January the 6th, which was the day of the insurrection on the U.S. Captial! What the Euro does next looks to be very important for a variety of assets.
The Euro started moving higher around the same time stocks were bottoming last March. at 1.07. The rally 12% rally took the Euro up to test the 2018 break down on the day of the insurrection on the U.S. Capital at (1).
While testing 2018 resistance, the Euro looks to have created back to back bearish weekly reversal patterns at (1). Since creating these patterns the Euro has declined around 2%, as it is attempting to break below 9-month rising support at (2).
The 1.20 level has been support and resistance for the Euro over the past 4-years. The Euro is testing this level this week.
What the Euro does at (2) will send a very important message to Gold, Silver, Mining stocks, and commodities!
What would Gold, Silver, and miners bulls love to see? Support holds at (2) and the Euro starts moving higher.
Keep a close eye on what the Euro does over the next few weeks, as its next big move will influence commodities and stocks!
To become a member of Kimble Charting Solutions, click here.
