The Greek refinance situation and the prospect of US interest rates rising continue downward pressure on the Euro. While a better European economy would counter those expectations somewhat; the continued buying of sovereign debt by the ECB seems to be the more significant pressure at the moment.

Weekly – closed above a Buy confirmation the week before but a sharp sell off last week seems to negate that. Trade pressures remain down but tuning up. Volume closed bearish.

Daily – the Trade is still long from the long entry of 1.0762. The attempt to reach the first upside target of 1.1100 failed and new pullback began. Trade pressures are down. Volume is bearish.

The short cycle has signaled a short trade at 1.0796. The next target down is 1.0385 with a full move down to .9975 possible.