Tuesday 15 May 2012

Euro - on the slide

The Euro is slipping away from the big 1.30 support (now resistance) level. Mid term outlook is very weak.


Euro, daily



Euro, weekly


Summary

Any bounce will probably be now restricted to the 10MA (falling fast, at 1.3032) and/or a back test of the broken/failed 1.30 level. First target remains 1.25/24...then 1.20/19.

If any 'Greek' implosion occurs, a move to 1.20 could come VERY fast..even in a single overnight session.

I would think the most crazy traders right now, are those futures traders who are super leveraged and long the Euro, and are running without stops. A few are very likely going to see their accounts blow up...along with their houses being seized!

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Goodnight from London city.