EU looking bullish. Proceed with Caution However.

14 Jun 2015

We have had a choppy week but the combination of higher lows and and higher highs indicates a bullish bias for the coming week. This rise is most likely on borrowed time for the EU. Earlier this week I noticed a clear bearish divergence between the tops we had on 6/3 and 6/9. As of now we can't confirm whether this bearish div will pan out. We have what appears to be a higher low but with only one bullish candle, it is definitely still in question. That being said, the 50 level on the RSI has not been breached since 6/1 and looks to be bouncing off again. We may need to reach overbought levels of at least 80 on the RSI before a meaningful Euro push downwards can occur.