Eoin Treacy's view Most investors are focused on the risk attached to the Eurozone following the Spanish application for €100 billion in bank aid, Greece's overtures to its lenders for more time and Cyprus' application for aid.

The Euro remains on a downward trajectory versus the Dollar and a sustained move above $1.35 would be required to question the consistency of the almost yearlong downtrend.

While media focus has been on the Euro's weakness, the strength of the Dollar against a wide basket of currencies is equally notable. The Dollar rallied impressively until the beginning of the month and spent the last few weeks unwinding the short-term overbought condition. It returned to the first area of potential support against the Canadian Dollar, Australian Dollar, New Zealand Dollar, Japanese Yen, Chilean Peso, Colombian Peso, Peruvian Sol, Philippine Peso, Singapore Dollar, South Korean Won, Taiwan Dollar, Thai Baht, Hungarian Forint, Israeli Shekel, Turkish Lira, Norwegian Krone, Polish Zloty, Swedish Krona, South African Rand and has found at least short-term support. A sustained move below its recent lows would be required to check current scope for some further strength. The dollar is extending its uptrend against the Indian Rupee, Brazilian Real, Mexican Peso and Indonesian Rupiah.