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IF the (trade weighted) USD Index bounces from long term support @ 78-80, then I think we will see EURUSD @ 1.20-1.24 again.
Time frame?...hmm, hard to say... probably within the next 3-6 months.
Reasons:
1. interest rate differential likely to increasingly be USD favourable in the short-intermediate term
2. CB intervention?
3. EU economy not performing well enough, to justify current levels of EURUSD
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However, from a longer term perspective (2-4 yrs.), I think the USD is TOAST
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