After the sell-off from almost 40, EU ended close to 37 handle, failing to create new low. Same happened beginning April after the rally to 396, EU failed to close below 37. The PA is in the lower half (below median channel line) of the channel and possible completion of bullish gartley.
Conclusion: The 37 handle has been a strong S/R level in 2014. Now, close to Jun, with ECB putting efforts to lower EU the final breach of 37 might happen. However, the rally up to 39 is not out of the question.
Conclusion: The 37 handle has been a strong S/R level in 2014. Now, close to Jun, with ECB putting efforts to lower EU the final breach of 37 might happen. However, the rally up to 39 is not out of the question.