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EURUSD has broken below the major pivotal......>

EURO
EURO: EURUSD has broken below the major pivotal support at 1.2092, providing the
first evidence of change in the longer term trend. A close below 1.2092 today
would be a significant bearish technical event. EUR losses are now rapidly
approaching the lower boundary of the descending channel developed from the
February peak. Channel support is now place at 1.2035, just ahead of the 200-dma
at 1.2010. A further break below here will put the focus on the 1.1961 level,
which represents another key medium/longer term important pivotal point. 

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