The euro moved through support at 1.3540 will aplomb yet once again was unable to make the concerted break lower. Economic logic, central bank policy divergence and looming stops below 1.3477 the year's low, all point down but as yet logic has not translated to a change in euro sentiment. One likely source of euro strength has been flows into the united currency as investors buy yield in the european bond markets and the continent's equity exchanges.
The day's low at 1.3632 will offer little support and the tone remains heavy. Last Thursday's immediate post ECB low at 1.3503 is now in range but the real break will be at 1.3477 and the ranged stops beneath.
Chief Market Strategist
WorldWideMarkets Online Trading
Chart: Alpha Trader