Thursday, December 8, 2011

EUR/USD - Yet Another Break Lower

More of the same for the Euro this morning. The longer term chart clearly shows a series of consolidations followed by breaks to new lows that have been in place since the beginning of November. Given the political issues in Europe there is no reason to expect we aren't setting up for another move lower as the break under 1.3350 suggests. In fact, a move under 1.3200 could set the stage for a much larger move lower once the early October lows are taken out, targeting as low as 1.2000/1.2200 fairly quickly. I am short on the break under 1.3350.

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