Updated XEU chart shows euro price came up to fill that tiny gap that was left behind at 142. All the loose ends are covered now, and considereing the negative divergence on weekly and daily charts, and the rising wedges, time for the euro to head lower.
On XEU, up to 142.4 to 143.0 to finish the two-leg bull flag, then down she goes.
This means that Trichet either balks at the rate hike, or, he does proceed with a hike but it has no further impact on the euro and it is built into the price already.
Time will tell. Euro down=dollar index up=commodities down=equties down.
For XEU and FXE charts google keystone speculator or view at stockcharts public charts list keystone speculator.
143 is a potential target because of the two leg bull flag.
But, path of least resistance is down so why worry about a point more above when down will be the direction, especially after Portugal's bailout is announced as well as Trichet probably backing away from his rate hike bluster.
For FXE chart, google 'keystone speculator' adn it will pop up.