EUR on the slippery slope to par!

Despite whatever sugar coating any European official wants to put on the mess on the other side of the pond, its not a pretty picture. And what a picture the EUR gives us below. Can you say "get me out" any clearer???

The steady selling since last summer has now led to the 50day moving average crossing below the 100day moving average as shown in the circle on the lower right. That, coupled with the strong bearish trendline is giving FX traders ample signals to sell the rallies. And looking at todays action, that is exactly what they did.

Some strong support should exist at the January lows not far away but either a break of said lows or a weak bounce WILL be sold. Boy, I can't wait for the Drachma to come back so I can vacation in Greece for $10 a day!

Will par come later this year or sometime next? Who knows, but its coming.

See you at 1.0 EUR.....