One of my biggest calls this year has been for the euro to break down. I very much went “all in” on that view around the time ECB President Mario Draghi kicked the legs out from under the euro stool back in early May.
Today, the currency is on the brink of a significant technical breakdown in the vicinity of 1.35. If this area of support gives way, I believe it opens the door for a move down to 1.33 next, then 1.30-1.31.
Watch this area carefully.
My regular Money and Markets column will be published later today.