As I tend to say, the flip side of the US dollar index is the euro, with the latter posting a bearish spike reversal on its monthly chat during January before following through with a lower monthly close at the end of February. The euro dropped to 1.19524 before closing at 1.20712, with initial support a the previous 4-month low of 1.16034. As I mentioned in the analysis of the US dollar index, I’m not expecting this support to be challenged during March, though we could see increased bearish momentum given monthly stochastics remain above the overbought level of 80%. The most recent bearish crossover occurred at the end of January, in conjunction with the bearish long-term technical pattern. I will likely stay bearish unless the euro takes out its January high of 1.23490 over the coming months.