The most interesting thing about the euro’s chart is that it does not spell disaster. Look and see for yourself that a crystal-clear ABC pattern points no lower than 1.2841 or perhaps to 1.2507 if you max out an even bigger pattern on the daily chart. Contrast that with noveau-ruinists’ pronouncements that the euro will eventually trade at parity with the dollar. Perhaps. But that day still looks like a long way off. In the meantime, for reasons on which I speculated in a recent commentary, Germany and a few other shtarkers will act as the euro’s keeper of the flame after the PIIGs renege on their debts.
