Euro

The euro below $1.20 would strongly suggest Chairman Volcker is right on the subject. The euro below $1.10 would confirm that Volcker is correct. Presently there is key support at $1.2150. The euro today traded as high as 1.2448 and dropped below $1.2150 trading now at $1.2202. That is outrageous activity in a major currency. There is no central bank nor is there any intervention that can stand against the tool of the Credit Default Derivative Swaps. Gold is you're only safe harbor. First currency (Euro) will cut down globally by the tool of the CDS.

Jim

While cumulative momentum, MOVB(E), is reaching extremely oversold levels, it does not necessarily suggest an inflection point. A relief rally, if possibly, is not a turn. The breach of the monthly low on increasing volume and new lows in the REV(E) reflects what could be irrevocable loss of public confidence in the Euro. The withdrawal of any member nation, particularily Germany, from the Union will represent the beginning of the end for the current fiat system – which includes the U.S. dollar.

Euro ETF (FXE):