Europe's slew of problems include the uncertainty surrounding Italy's next government, the fallout from the Cyprus banking crisis and scares over Slovenia being the next nation that will need an ECB-backed bailout. Our critical quantitative lines on the EUR/USD are outlined in the chart below. Beyond immediate term TRADE support of $1.27 we do not see any meaningful support until around $1.22. April will be a challenging month for the European Union as it struggles to keep itself together.
