We had an intraday penetration of the long-term dollar support line, drawn off the spring 2008 low. Trendline support is around 76.225 today and we fell about 10 pips below support. On a line that old, traders like to see at least a close below the trendline to validate the breech. Some more macro-focused accounts wait as much as two closes before trading off a such a move.
We are rebounding at the moment, so it’s all academic right now…
EUR/USD is at 1.3980 with Obama making comments that Nato is considering military options for Libya…
