The June Euro is overdue for a bounce now that it has dipped beneath January’s 1.2645 low. That would have provided an opportunity to run stops and segue into a trampoline rally with relatively few bulls aboard. So far, however, it hasn’t happened, and the further bad news is that the 1.2720 midpoint support associated with a ‘D’ target at 1.1946 (!) has gotten crushed. Bottom line: Even though ‘everyone’ is short the euro, it appears capable of falling much lower nonetheless.
