Data released pre-market today showed that Europe’s Trade Balance declined quite a bit more than was forecast, as shown on the graph below…this continues to confirm the contraction that Europe’s economy is undergoing…as depicted, 2011 is dramatically weaker than 2010.
At the moment, the EUR/USD is being squeezed between 1.31 and 1.30, as shown on the Daily and 4-hour charts below…it’s currently in a bear flag formation…will see on which side the break ultimately occurs…so far, trading has been weak since today’s market open.
