That headline could be something of an understatement when you have a look at the Daily EURUSD chart. The base of the upward sloping trend channel that has been in place since October 2008 comes in at the 1.2800 level and a break below this level could be break that sees us head back to 1.2300.
Have a look at this hourly chart to get a closer view.
I guess a lot will depend on what type of damage control we see out of the US and more specifically “Terrible Timmy Geithner” tonight. As i said earlier, definitely another sleepless night for all of us down here in Asia.