The euro is having a very bad hair day. The market has finally woken up to the fact that the quantitative ease is just around the bend so the EUR will not prove a safe-haven for “sound money” adherents.
EUR/JPY has blown through stops below 130.00, EUR/GBP is down toward 0.9300 from above 0.94 and EUR/CHF is in the neighborhood (1.5180/1.52) where some expect the SNB to launch another raid. Longs are praying they do…
When EUR/USD Sprinted higher following the Fed last week we joked about dealers putting out a search warrant for the 1.32-handle in EUR/USD. They may need one on the downside as well.