Euro Rally Over?

Time to sell Euros again, because we've broken the trendline for the rally amid some nice negative divergence.    If it can close below 1.431, only 20 pips away, we'd also have a daily outside reversal.  The Greece confidence vote, which was a foregone conclusion and priced into the market, was a sell the news event.

And selling pressure intensified during the FOMC press conference when Bernanke made it clear there were no plans for QE3 yet.  But of course there aren't. QE2 isn't even over yet, and there's not enough political capital to implement QE3 based on what is so far just a 10% correction in the stock markets.  In another month, when stocks sell off hard after the ISM report comes out and signals we're entering into recession again, the politicians will be begging for it.

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