– on Friday, the index was trading a little flat against a basket of major currencies, particularly the Euro. Traders are also awaiting news from a European Union online summit, where Germany and France are trying to swing other members behind them on a joint EU rescue fund.
– The primary trend is down according to the daily swing chart; however, momentum is trending higher.
2 POSSIBLE SCENARIO:
– A trade through 96.385 will change the minor trend to down. This will shift momentum to the downside.
– A trade through 97.555 will indicate the buying is getting stronger. If this creates enough upside momentum, then look for the rally to extend into the main Fibonacci level at 98.230, possibly.