ok, let's get this started with a little warmup regarding the utter tankfication of Euro over the last 11 days..
It's actually a little hard to tell if it's long-term profit-taking due to end of year squaring of books or is due to Greece, Latvia, Austria and/or general EZ weakness and is a sustainable move (which in theory would target below 1.23).
To me it seems like traders and/or BANKS who have held longs since 1.25 have said," Dubai + various Eurotrouble = the end of the line for 2009", BUT will they pick Euro up again at the 38.2 on the weeklies of the March-Dec 2009 move? It comes in at approx 1.412ish and should be a tough nut to crack.
I've been trying to land the bounce and the more it comes down the more desperately it needs to bounce. I've only been doing this since 2004 and I can't remember seeing a move of this magnitude go from 1.25 to 1.51 and retrace to 38.2 without coming up for air at all..
Check out Mt. Everest forming on the Dailies
If it comes down to 1.41XX within the next few days being laughably oversold I'm in big with a stop below the 38.2