EUR/USD

Shown below is a 4hr shot of the EUR/USD...you can see the break of the trend line...I'm looking to see price come back up and test this old line as resistance before continuing downwards to make new lows.

Below shows a close up of the action on the 1hr charts...

I would look to see a test of about 1.34 and then a reversal from there. Stops would be set above 134.5. 133.85 is the 38% retrace of the latest dump while 1.34 is just about the 50% retrace point.

USD Bulls

The EUR & GBP both had breakdowns of short term support/trendline and I'll look to see if we can get a retest of these for a possible short setup. It looks like this will be where the downtrend continues and I'm looking to get a decent price on the short to at least be at the top of the volatile swings that are sure to come.

We'll see what happens after Mr. Bernanke speaks...