Quote:
|
Originally Posted by TraderPierre
1.5720 area is an extension of the 0.8225 to 1.3665 (October 2000 to Dec 2004), 1.70 would be the next level as far as I can see which I think is highly unlikely.
It's hard to see what fundamental catalyst could cause a move up to 1.70, Fed 100bp cut is pretty much priced in, there's more chance of some profit taking at these extreme levels so I'd go with pelle64.
|
I don't see any reason why the dollar will not continue to fall, Euro 1.70 is a definite possibility, but it will not go there directly. I imagine there's many more disappointing facts to be uncovered in the current credit debacle, much like what we saw coming out of Bear Stearns last week.
But the Euro sector is not without their problems, mainly internal politics. What goes up must come down, but there's still many hills and valleys to trade till then. But the trend at the moment is up, so any south trades should be viewed as corrective in nature.