Treasury Secretary Paulson gave a CNBC interview this morning speaking of a strong dollar being in the best interest of the country. The EUR/USD-DJIA correlation mentioned last night held as both products went right to lows of the session chopping around ahead of Paulson's scheduled 11:30 a.m. address to the Columbia Business School. Our EUR/USD short from 1.2765-85 met the initial 1.2735 target and your stop on remaining position should be resting comfortably at breakeven.

EUR/JPY has completed a nice 5-wave impulse move followed by a parallel trend channel break that could potentially setup a C-wave move lower.

Let's look to get short EURJPY below 147.00 and 147.20 with stops above 147.40 targeting 146.60 on the initial piece.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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