The Euro – A Dying Currency

IBEUUS-W 7-31-2014

COMMENT: 

Your daily effusions are a tonic — for which much thanks.
Reading your earlier writings, and specifically your Oct 1997 memo on the Euro,I am stunned how little has changed in the last 17 years.Somehow that flawed currency has been induced to retain a pulse but it is not hard to anticipate its sudden death.
It is remarkable that what you saw 17 years ago remains today beyond the ken of
the multitudinous talking heads.Such foresight ( and there are plenty other examples) deserves to be reckoned a prodigy.
Sincerely
B
REPLY: The old saying, the more things change, the more they remain the same. The Euro is headed lower. A closing for July BELOW 13478 should shift the Euro into a negative trend near-term. The real critical support lies at the 13298 level both on a weekly and monthly closing basis. I must say, the way this is setting up it indeed smells like war is on the horizon. Additional support was at 13400. At the time of this posting the Euro is trading at 13387.