EUR broke down

16 apr 2020

DeMark - Sperendao analysis of EURO index. Here we weighed EUR versus 2 biggest world currencies US dollar and Japanese yen . Clear signs of bullish collapse. We identified the right TD supply and demand points and analyzed the monthly structure. Breakdown of the major TD supply line occurred in July - August 2019 and it was confirmed by retest already in December. After passing through the most recent TD demand supply line (which is weak as it is flat and is expected to be broken due to the previous action) we should see price trending to 2000 lows (0.84 and might be below but I will just leave it here:) and considering volatility I would not be surprised if we would get there with 3 monthly candles. EU (EEA) crisis is only developing.

Top Absolute Correlation EURUSD M

1. EURUSD - USDX -96.8%
2 EURUSD - USDPLN -95.8%
3 EURUSD - USDCZK -92.7%
4 EURUSD - EURSGD 88.9%
5 EURUSD - EURCHF 86.7%
6 EURUSD - USDSGD -81.6%
7 EURUSD - USDHUF -79.9%
8 EURUSD - EURJPY 78.7%
9 EURUSD - EURCAD 74.7%
10 EURUSD - HK50 70.5%

Top Absolute Correlation EURJPY M

1 EURJPY - SGDJPY 89.5%
2 EURJPY - EURSGD 86.1%
3 EURJPY - EURCHF 82.1%
4 EURJPY - CADJPY 81.3%
5 EURJPY - EURUSD 78.7%
6 EURJPY - USDPLN -77.8%
7 EURJPY - CHFJPY 76.4%
8 EURJPY - USDCZK -75.9%
9 EURJPY - NOKJPY 74.1%
10 EURJPY - XAGEUR -70.8%