Like the Dollar, the Euro has tracked sideways and in a very tight range. In other words, there is very littledistinction between the Dollar, Euro, Swiss and Canadian and that leaves the victor as the least objectionable.One might expect the Euro to garner some minimal lift in the wake of slack US corporate earnings results but thedownside might be limited to 1.3676. However, those long the Euro might want to exit those positions on a rallytoday as US claims on Thursday could ignite more aggressive selling in the Euro at the end of this week.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. The market’s shorttermtrend is negative as the close remains below the 9-day moving average. It is a slightly negative indicator thatthe close was under the swing pivot. The next downside objective is 136.6100. The next area of resistance isaround 137.1800 and 137.3299, while 1st support hits today at 136.8200 and below there at 136.6100.