On the other hand, in order to start stabilizing the selling pressure, FXE likely needs to convincingly take out overhead supply near 130 or the converged 10/30-week moving averages.  The ability to clear this resistance allows for a test of secondary resistance at the February 2013 peak (136.03).  The top of the downtrend channel currently resides near 140-141 and remains intermediate-term resistance.  A breakout here could signal the end to the Euro crisis.

CurrencyShares Euro Trust

J. Beck Investments is an independent provider of technical research for ETFs.