DislikedHello PT,
I agree with your analysis. I have been bearish on the Euro for a long time now. In fact, I expect weŽll reach parity in the next year.
However, I am concerned in the very short term of the probability of a strong, temporary rebound happening, possibly in the next two weeks. My concern is technical in nature and it involves the weekly gap at 1.3080. There has been no attempt to close it since it occurred. I have looked at the weekly data all the way back to 1993 and there has not been a single instance of a gap remaining open. In...Ignored
You are correct. There is in fact unfinished work up above, and I am sure it will be finished eventually. However, I don't believe it is going to happen before the Greek elections. Until a pro-euro government in Greece is elected or until the polls show the PASOK or ND party in the lead, it's total risk off. Add to that the less than helpful EZ leader comments and the banking crisis in Spain, and you've got yourself a bit of a mini meltdown. Once we hit target 1 (1.2225/35 area), then if we don't get a correction before a further move down, I will be surprised. Very surprised.
Cheers
PT
Those who say it cannot be done should not interrupt those who are doing it