Posted by Joseph Y. Calhoun, III

Interesting chart pattern developing in the Euro. On the daily chart the Euro is making a rounded bottom and appears to be headed for the downtrend line:

I would not be surprised to see a run up to the  142 area that would close the gap on the chart. Just as we had a one sided market not long ago with everyone short the dollar, the opposite is the case now with everyone seemingly short the euro. I suppose it will depend to some degree on what happens with Greece but that looks more and more likely to be resolved without major disruption outside of Greece. The better play frankly may be gold which should get a bump higher if the euro rallies:

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