Breaking News: The Euro has hit it's 1.3700 area of resistance that only gets hit once every few years. I'm looking at a monthly and it clearly looks like there is a great longterm money making oppurtunity off the euro. Short at market, hold for a few weeks and see if I'm right B&B
The long term direction for EUR/USD is up. Here is one of the reasons why⦠http://video.google.com/videoplay?d...141&start=0&num=10&so=0&type=search&plindex=4
http://charts.dacharts.com/2007-08-31/2007-08-31 18-53 EUR_USD+ M.png I could see some longer term weakness if and when this months low is taken out. Until then EUR/USD has opened and closed two months in a row above what was potential resistance. Although it could still turn out to be a false break out, that's normally a sign of strength not weakness. http://charts.dacharts.com/2007-08-31/2007-08-31 18-56 EUR_USD+ W.png Weekly still making higher highs and lows and bounced sharply off a potential support zone several weeks ago. Todays late decline not withstanding looks more bullish than bearish. http://charts.dacharts.com/2007-08-31/2007-08-31 19-11 EUR_USD+ D.png Daily stuck in a range for now but does have a lower low below and lower high above, the only potentially bearish chart I see. Just observations, I have no position in this pair and normally trade it intra day anyway.
I read through all your re-bop and have one thing to say.. This congestion we are seeing usually marks the sign of a direction change.. Just my guess.
The Euro will be trading significantly lower vs. the Dollar in 2-3 years from now. My prediction is based on fundamentals, not technical indicators.
they aren't just technical indicators. there is also technical analysis , thanks for your input though.
Really, how so? My own FA would indicate that 1.50 EUR/USD is a distinct possibility. Certainly more likely than 1.00 over the next two years.
Look at all of the entitlements that the Europeans have to pay for. They have a shrinking population, and the only new people/labor pool they are bringing in are Arabs who turn into nut jobs and try to blow them up. No one will work more than 30 hours a week over there (ok I know some do, but basically every job there, it seems to be, is for life and like having a Union job in the US) The only thing I could see that could prevent a very weak Euro with in the next few years is if Russia and then a few other key players in the petro market decided to stop pricing their Oil in dollars and instead went to Euro's. This would likely cause WWW3 though, because we might like a weak dollar, but we certainly would not enjoy a worthless one.