ill be surprised if this thing doesnt see the $77s real soon and not to long after that the $76s the USD aint worth a quarter hardly any more. Remember when a dollar would buy a gallon of gas? Now it takes $4 to buy the same gallon. Am i correct in thinking the more worthless the dollar the more valuable any other currency is? I dont trade currencies, im just making an observation here is all. Hope you dont mind. As to your chart your horizontal red line in my minde represents a lot of buy orders at that level. It looks like each time it gets down to your red line it does bounce. But seems to bounce less and less higher each time. Indicating folks are selling at lower and lower prices on each bounce. The question will eventually answer itself are there more buy orders at that level than sell orders? If the stack of buy orders ends up being larger that all the sell orders then your prediction will be correct. If all those buy orders get used up and there are some sell orders left then price will break through your horizontal red line and price will go lower. May even down to the $77s. LOL Time will tell. It just bothers me as an American that my money is so worthless when it doesn't have to be. Folks here arguing about minimum wages is a joke. What we should be arguing about is the state of our economy and why is the money we do make so useless and how do we fix that?
Thanks for your comments JP. I agree with may of the thing you have talked about. The chart action we got last week was as a result of the ECB not wanting the euro to strengthen further. The euro should be much lower fundamentally because of the economies embedded in it. In fact take Germany out and the euro should be par with the US$. I was thinking 77 as well before the bullish candle was printed. The question is can we take out 80.50 without first taking out 79.00. That would be a positive for the US$