With U.S. futures and Japan markets closed tonight, let’s look at the currencies. We know that Euro strength versus Dollar and Yen tends to bode well for global risk appetite. With recent Yen weakness, perhaps that trade is due to for a pause. Nonetheless, the Euro remains in a strong uptrend versus the Yen, having clearly taken out the key 112 level dating back well over a year.
On the second chart below of the Euro/Dollar cross, we have a clear breakout level of 1.33 to observe for continued follow-through into Wednesday’s session. I would key off the Euro/Dollar cross this week as one piece of the risk appetite puzzle to see if Monday’s reversal has legs.
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Beauty! Go Portugal!