Euro Weekly Chart.
An important price point looks to have taken place at (1), on Wednesday, Jan. 6, which was the day of the insurrection on the U.S. Capitol. What the 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 12% rally took the euro up to test the 2018 break down on the day of the insurrection on the U.S. Capitol 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 the nine-month rising support at (2).
The 1.20 level has been support and resistance for the euro the past four years. The euro is testing this level this week.
What the euro does at (2) will send a very important message to , , 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!
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