We have now seen one more currency see its trend turn against the USD.  The Euro has now made its first buy signal above the trend line against the US dollar since the beginning of the big decline in July of ‘08.  You can see on the chart how it made a very strong attempt back in December of ‘08 but never made a buy signal above the trend line and then fell back down to almost the previous lows.  However it got support just above that and was able to make a higher bottom.

Right now it is a wait and see moment.  If the pair falls back down near support and the trend line we will be looking to go long this pair.

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