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Euro on the Verge of Major Breakdown?


Tuesday July 9th, 2013
Euro on the Verge of Major Breakdown?
by Mike Paulenoff www.MPTrader.com

Dovish comments from the ECB in the aftermath of last Thursday’s dovish Draghi forward guidance comments to counteract Bernanke "tapering," has put the kabash on the Euro today, enough to press the currency below a near 2-year support line at 1.2810.

From a larger perspective, the Euro appears to be breaking down from a huge top formation that has the potential to press the currency towards 1.2200-1.2000.

Why not?

What is good for the Japanese (via YEN weakness) can be just as good for the Eurozone (via a weaker Euro) as the global currency war picks up steam.

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