The Euro Looks Ready for a Chic, Trendy, Dirt Nap

In the wake of Mario Draghi's Dove-fest this week, the Euro is teetering on a fresh leg down versus the Dollar, in particular. 

For a while now, the Euro/Dollar cross has been in strong downtrend, even if it has yet to go to parity.

Nonetheless, with the Dollar strength today you can plainly see the chart's vulnerability to a true breakdown on the daily timeframe, below. Despite attempting to stabilize at the 50-day moving average, those declining longer-term moving averages above are still too menacing to ignore. 

After a ten month consolidation, if Euro/Dollar bears are going to press for parity, now is the time to make a move. 

I will flesh out this topic, and of course follow-up on equities and commodities, with trade ideas for Members over the weekend.