A quick look at the hourly EUR/USD chart and the first thing you will notice is the significance of the 1.3080/00 region with a break below this level opening the way for the 1.2880/50 region and then all the way back to the 1.2500 level. I am not sure that we are going get all that low, but we are certainly going to be seeing lower levels than the current ones.
The daily shows us that we have now broken back below the 100 DMA which came in around 1.3160 which is another tick in the negative column for the EUR/USD and that comes on top of the break in the upward sloping trend channel that has been in place since late Feb 09.
