The U.S. $ is still strong, as shown on the Daily chart below...will see if it carries on over resistance. Any hint of weakness may be the catalyst that propels the markets higher...but I'm thinking that with the banking mess in Europe at the moment, that may be a long shot.
Angela Merkel needs to pull a rabbit out of the hat...Euro-bonds perhaps?...or even just another rumour about them? A rumour wouldn't surprise me!
In the meantime, the EUR/USD continues to slump, as shown on the Weekly chart below. Major support lies in the vicinity of the 50% Fibonacci retracement level at 1.2125.
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