It's interesting that the initial EUR/USD spike above 1.3 on the bailout news was sold hard to 1.27. It could revisit the 1.25196 low from last week and double bottom support from 2008/early 2009 at 1.24/1.25. If these levels get taken out, it is game over imho. The Euro will hit 1.17-1.20, making FX Concepts billions on its 100x leveraged EUR/USD short position. I bet the RSI (relative strength index) breaks below 30 before a confirmed bottom.
For recent posts on EUR/USD and Euro click the links or labels at the bottom. I've been covering the Euro since the Dollar bottomed after Thanksgiving 2009. Look back at EUR/USD or Euro Index posts from 12/1/2009-5/1/2010 for a refresher. Big institutions were loading up on the Dollar before the Euro crisis hit. See John Taylor on BloombergTV on 3/25/2010 giving his 1.20 call here.
EUR/USD 10 year chart (fxstreet.com)
Watch EUR/USD stream live.
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