While the Japanese Yen continues to get smoked courtesy of the political class, Europe is dealing with its own set of problems. The Euro (EUR/USD) in particular is encountering heavy immediate-term TRADE resistance around $1.36/7 and intermediate-term TREND support at $1.31. French President Francois Hollande has been making noise in recent days about how “a monetary zone must have an exchange rate policy or else it ends up being subjected to a rate that does not fit with the true state of the economy.” Essentially, Hollande is keen on currency manipulation and not letting the markets dictate the true price of the Euro.
