Euro Down On Lowered Expectations!
The Euro started out the week with much hope and promise but that quicklly faded after German officials dampened the mood surrounding the Euro debt crisis talks. Over the weekend, the G-20 voiced their own hope that Euro leaders would be able to come up with a plan by the end of the Euro summit taking place this week, but German officials don’t think that it’s possible.
The market looks to be in agreement as a short-term double top formed at 1.39 in EUR/USD (our target from last week’s Euro trade) and is moving lower as risk appetite is being trumped by risk aversion. The next short-term target for Euro is 1.3675 vs. USD, just above the S2 daily pivot support.