Dark times for the Euro

From political instability to ineffectual QE, bullish news for the Euro is scant. We can look for more confirmation from Draghi to this effect soon to come.

As far as the technicals are concerned, we have a very strong bearish head and shoulders pattern forming on the weekly chart. There is massive resistance from above via the ichimoku cloud which will make a turnaround difficult. The MACD is waning and the RSI indicates entry into a position is safe. Further, there seems to be some high selling pressure via the OBV indicator.

The Aroon indicator notes that we've entered bearish territory (on a day chart), and the ADX indicator is waning with the MACD, suggesting a collapse may follow soon, perhaps even after Mr. Draghi's speech.