FXstreet.com (Barcelona) - The Euro has hit a fresh all time high at 1.5652 against the Dollar, and, According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, US authorities are powerless against the dollar depreciation: Another day, another new record high at 1.5652, and the US authorities increasingly powerless and clueless. The Euro is of course overbought but desperate times mean dramatic values and moves. At-the-money implied volatility should increase to 11.75%.

Concerning strategy, Elliot discourages any action: Do as little as possible. If you really want to possibly attempt very, very small longs on a drop to 1.5525 but only if prepared to add to 1.5400; stop below 1.5250. Short term target 1.5750.