EUR/USD stuck in the doldrums
The euro continues to circle the drain.
Note the head-and-shoulders top of the chart but also note that the measured target of that was 1.0900 and we've already overshot that. It was a pattern that we mentioned (here and elsewhere).
The fall to the October low should have been a chance for the bulls to make a stand but it offered virtually nothing in the way of a bounce and even today's bounce from 1.0827 on soft US retail sales has fallen flat.
This has turned into one of those situations where there is no telling when it will stop. I would buy on headlines about government spending/stimulus but I don't see anything on that front. Moreover, EUR is making for a great funding currency due to the rock-bottom yields everywhere. Greek 10-years at 0.94% is absurdity.
