Euro is reeling from all the news – fundamentals were able to divert the market yesterday with rumors of bank intervention in the Euro. Austerity means tougher economic times for the Eurozone, but a lower Euro meens goods are cheaper. A real balancing act. This is causing difficulty in tracking the technicals which are also showing mixed signs. EJ could be showing a head and shoulders as it trades off equilibrium @ 112.50 area. If so, then we would look for a move down to the double bottom @ 109.50 (probably only 111.00 today). If we have a true breakout of the established downtrend then we can look for a move north to the R6 @ 115.69 ( probably only 114.41 today). Waiting for direction.
