Euro Couldn't Breakout Again, Now Selling Off Hard (EURUSD 1.2670, -1.24%)

Ugly day today for EUR/USD. It couldn't breakout again, which means it is still trading in a steep descending channel. Fears of France getting downgraded by S&P and JP Morgan's weak quarter are hitting stocks and the euro. On the chart, 1.258 is the next support level and then 1.18.


source: freestockcharts.com

Comments

  1. Call me crazy, but I could see the Euro going to parity with the US$ this year if the politicians in the Euro don't get their act together.

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  2. People agree with you http://www.distressedvolatility.com/2012/01/eurusd-bears-predict-10-120-rallying.html

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