I waited until the official end of May before posting my monthly analysis of currencies since markets outside the US were open, and trade in currencies never takes a day off. The major (long-term) trend of the euro still looks to be down, with the recent secondary (intermediate-term) uptrend looking to be Wave B (second wave) of the 3-wave long-term pattern. The weekly chart for the euro shows the secondary trend could be set to turn down, meaning the beginning of Wave C of the major pattern. The May high of 1.22659 was a test of the major high of 1.23490 from January 2021, while monthly stochastics continue to hold above the overbought level of 80%. A reminder the bearish spike reversal that was posted during January coincided with a bearish crossover by monthly stochastics above 80%, both indicating the major trend had turned down. Initial support is at the previous 4-month low of 1.17035.
