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Hardy: EURUSD gets a technical break

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EURUSD made a technical break this Tuesday, dropping below 1.08. The move happened even before the release of the key December CPI estimate for the Eurozone, notes Saxo's John Hardy. Markets were prepared for a soft number following Monday's German CPI estimate which was even lower. Hardy says the break opens up the bottom of the range in eurodollar to below 1.06.

Meanwhile, risk appetite has been weak of late which during 2015 saw EURUSD rise. But this time it has started to fall which suggests to John that there is a more bearish outlook for the pair.  John also looks at USDJPY.