By: Sara Patterson
As anticipated, the Euro's downtrend has accelerated and the focus is now on the critical 1.4045 level. This level is likely to give way today and to bring a weakness toward 1.3900 before a more sizable rally begins. Because the market is heavily oversold, a short-term rally can develop at any moment. The only thing that will weaken the current downtrend is a move above 1.4205. Only a move above 1.4350/60 will negate it.
Shorts favorable at 1.4150. Stop=1.4210. Target=1.3950.