The Euro Breaks Down vs. The Dollar
The Euro has dropped out this morning, from 1.3530 to 1.3460, violating its June 5 low at 1.3500—the day of the June ECB Meeting.
A combination of technical chart factors, such as breaking a key prior low-support-pivot point and growing perceptions that stronger U.S. economy growth and increasing inflationary pressures will "force" the uber-dovish Yellen Fed to raise rates sooner rather than later, are responsible for today's Euro weakness.
Of course, we also must overlay relatively-weak Eurozone fundamentals and Mario Draghi's "desire" to see a weaker Euro on top of strengthening U.S. fundamentals, which intensifies downward pressure on EUR/USD.