Friday, September 9, 2011

No Support for the Euro (EUR/USD)

It was only three days ago that we posted "Euro on the Precipice" with the comment:
A stronger dollar would not be good for U.S. equities. EUR/USD is up ten pips at 1.4107.
We used a Slope of Hope chart for that one so we might as well go back.
That spot where the price tags the trend line just under 1.29 is the next support, if that doesn't hold it's the multi-year low with the 1.19 handle.
EUR/USD 1.3648, down .0237.
From SoH: