What Happens in Cyprus, Stays in ...

EURUSD closed below its 200-day moving average for the 1^st time since mid-November. Although it seemed to have closed the week above its 7-week resistance, the close below its long term trend trend is more material. We have always said that breakouts above and below major trend indicators such as 200 and 100-day moving averages in liquid instruments such as the EURUSD (25% of the daily turnover in the spot FX market) may tend to be game-changers. See rest of analysis here