Here is why the Euro is going to hit the last major area of support which was May 2009 -- 1.29 -- which I pointed out earlier in a post even before the major newswires did
1) the jobs data Friday will probably be good -- that will mean higher probability for US interest rate hikes
2) Yellen actually sounded pretty hawkish this week -- unusual since she is a hardcore Dove
3) let's be honest now....the EU, ECB, EuroGroup has lost all credibility to handle financial matters and even worse in handling an economic crisis --- this will be the demise of the Euro (at least for the next 5 years.............)
4) most importantly, the charts are seriously weak
5) record number of Euro shorts
Do not cover your shorts until 1.29 hits..............
Enjoy!
1) the jobs data Friday will probably be good -- that will mean higher probability for US interest rate hikes
2) Yellen actually sounded pretty hawkish this week -- unusual since she is a hardcore Dove
3) let's be honest now....the EU, ECB, EuroGroup has lost all credibility to handle financial matters and even worse in handling an economic crisis --- this will be the demise of the Euro (at least for the next 5 years.............)
4) most importantly, the charts are seriously weak
5) record number of Euro shorts
Do not cover your shorts until 1.29 hits..............
Enjoy!