Has Near 2-Year Climb in EUR/USD Run Its Course?

The EUR/USD bumping up against its 6-year resistance line in the vicinity of 1.4000, with ECB Head, Draghi, indicating that Euro-zone deflation is the real threat to growth and stability.

Also, with the ECB exploring "extraordinary means" to create inflation (sound familiar?), the Euro might be on borrowed time "up here."

The March high was not confirmed by weekly-momentum gauges, which is a warning signal that the technical underpinnings of the near, two-year climb are weakening.

The combination of institutional will to halt Euro strength, and upside technical exhaustion could be a prescription for a considerably weaker EUR/USD.