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Thursday, January 5, 2012

Euro deeply oversold

The Euro is deeply oversold, and it maybe due for a technical pop soon.  Anyone reading this blog knows I am no fan of the Euro, and kept touting the fact of its decline was virtually an economic mathematical certainty due to the EU's macro issues.  With that said, I would begin to be cautious on the short-side, or maybe hedge with US banks. (If the Euro pops, that should lead to banks moving higher as well.)

The daily just shows the black-hole pattern, and the weekly indicates it may go to 125. Regardless, it soon will be due for a technical bounce.

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