Euro Posts Daily Reversal Top

Technically, the Euro posted a daily reversal top at 1.3722. This topwas slightly below the March high at 1.3737. The current chart patternsuggests a break to 1.3303 is likely.e.

The EUR USD fell sharply lower on Wednesday as traders got a dose of reality following the release of a worse than expected U.S. Retail Sales Report. The report showed that despite growing optimism in the economy, U.S. consumers continued to hold on tightly to their money. This sent a signal to Euro traders that the global economic recovery may not be as swift as some anticipated but rather a long drawn out process.

Technically, the Euro posted a daily reversal top at 1.3722. This top was slightly below the March high at 1.3737. The current chart pattern suggests a break to 1.3303 is likely.