Look at this chart below and you will see the Eur/USD Breakdown on the weekly chart which is what I trade off of to catch the bigger moves. it broke the midpoint channal on the chart and the next support level is actually the 200 simple moving average at the 1.2000 level so there is alot of pip potental in these short trades that along with the jobs numbers getting worse and EU guys starting to resign puts the writing on the wall things in the markets will get worse. not only does the dollar go up when the markets fall do to risk off trades but the EU is falling off the cliff so that will only excellerate the collapse of the EUR/USD it could break that 1.20 level and get down to the level when the TECH Bubble hit the markets if you think that look at the lows on the weekly chart back in 2001 and there you go .80-.90 eur/usd it really depends on how fast the EU takes charge and gets there house in order. The only thing that will hold the Euro up is if the president doesn't get his jobs plan passed and if the jobs market keeps losing all these jobs.
Attached Image (click to enlarge)
