Euro Remains Under Pressure As Credit Cioncerns Reign
Shorting the Euro has become the most obvious trade outside the recent bullish spike on the back of the 750 billion euro aid package. Despite the relief funds it remains difficult to make a case for the single currency. Therefore, I will have to stick with the trend which still points toward more Euro losses. Strong support lies below at 1.2500 and I believe that we will test the level again. We could see a bounce from the level as for the most part the EUR/USD has traded above it since early 2006. A break below the barrier would expose 1.2000.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.