At the top of an upswing, the chart indicates the Euro
now swinging down against the US Dollar
. Some easing of the rate of the downtrend is seen in the recent oscillations, shaded on the chart. The security is now in a strong Long-term Support Zone
, but economic pressure surely continues to strengthen the Dollar against all comers.Today's FOMC meeting can hardly stop the trend. We wait to see how low the present Downswing will go: will its bottom indicate a strengthening of the downswing, or further evidence of a parabola bottom forming?