With apologies to Blood, Sweat and Tears, it looks like the EUR has found some formidable resistance at the 1.3145 level and has tumbled 100 points.
This downside pressure was fueled by comments from the Buba’s Weidmann that the ECB may adjust rates (ie., lower) if new information warrants the move.
The DOW is lower, so we may be seeing traders easing away from risk assets for the moment. The break of support at 1.3100, saw stop loss levels triggered, then the break of the 200 day MA at 1.3070 accelerated the move. Next support is at 1.3020.
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For more, see the EUR/USD forecast.
