Swine Flu Fears and Nowotny Comments Drive EUR USD Lower

Besides the Swine Flu scare putting fear in the markets and drivinginvestors to the safety of the U.S. Dollar, the Euro broke furtherfollowing bearish statements from European Central Bank governingcouncil member Ewald Nowotny.

Besides the Swine Flu scare putting fear in the markets and driving investors to the safety of the U.S. Dollar, the Euro broke further following bearish statements from European Central Bank governing council member Ewald Nowotny. 

Nowotny said that the Euro rate will stay low for a while and the ECB is ready to use non-standard means to help ease rates if needed.

The hourly chart has the EUR USD on target for a test of a .618 price at 1.3043.  Following a test of this level, short-term resistance will be at 1.3092.

The hourly swing chart is down with a new swing top at 1.3159.  The main trend remains down on the hourly chart until this price is crossed.