The Arrest of Dominique Strauss Kahn, the head of the IMF "may" have some repercussions in the debt restructuring in Greece, which has now spread to Ireland as well as dealing with Portugal. I have a feeling we'll see some pressure on the Euro this week, the level to watch will be $1.40 as a breach below that level may force technical selling. This should be a strong week for the USD, which could very well have an effect on the market, commodities as well as PMs.
Here's about 5 days of accumulation on a 15 minute chart. We've seen about 6 days up since then, so there's certainly room for more upside just based on the last accumulation cycle.
The EU/USD is trading around $1.4098 right now, so if it loses about a point, we could see a real downdraft in the Euro. You could use FXE as a short if that happened or go long the dollar, although I think a direct short on the Euro would be more advantageous.
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