1.38 seems to be critical for the trend. the previous three highs result is negative momentum divergence. Moreover, the euro failed to break out the previous 50% retracement. Even though it is too ealry to judge the reversal, the whole chart gives me a feeling that we have in front of us a nice beutiful bull trap. euro at the moment has negative corelation to the SP500. that means that many institutions use futures and option to hedge the correction. What if this corelation proves to be wrong?????? next week will be really intresting.....