As you likely recall, I’ve been a euro bear (and US dollar index bull) for a number of months now. However, if we remove the noise from a standard monthly price chart and focus on monthly closes only, November’s settlement of 1.19243 is a solid test of the previous high monthly close of 1.19352 from August 2020. Though monthly stochastic are above the overbought level of 80%, a bullish breakout of the August close would suggest the euro could extend this Wave 5 move, possibly to the previous major peak of 1.24124 from January 2018. Support is now at what looks to be the Wave 4 low monthly close of 1.16407 from October 2020. It’s interesting to note, and I heard another analyst talk about this same factor on financial television, trade volume (bottom study) has been decreasing during this extension. This tends to indicate the trend is nearing its end as new money is not coming into the market to provide support. Stay tuned.