Euro :On the daily, the euro remains in very strong shorts and raced through its target at 1.3505, from its 1.37628 and is well on its way to its target of 1.33036, from its longer term short from 1.3913. The extension short is at 1.33849, with a target at 1.3338. The extension short is broken at 1.3508. After a drop of over 450 pips, a stronger pullback would not be strange.

On the 15 min chart, the euro is in an extension short at 1.35071 with a target at 1.3328. The short is broken at 1.35358.

Pound: The pound has dropped over 400 pips in a dramatic manner and is beyond short targets. The pound has found support at a previous 50% long from Dec 2010 at the 1.533 area. The long is broken at 1.51823, with no significant support until the 1.5 area. The extension short is at 1.55515, with a target at 1.52. The extension short is broken at 1.5606.

Yen: On the daily, the yen is back to hugging all time lows at 75.944. The yen is in a short from 76.973, with a target at 75.677.