Date: Saturday, June 5th 2010: 5:27pm New York
The EurUsd Currency Pair : Why trade anything else?
As I mention in a previous post if EurUsd broke below 1.2177 the bulls and their long positions would be in big trouble and the bears would be smiling ear to ear. Now that EurUsd has reached 1.2000 and below there is no hope of seeing 1.2500/1.2600 any time soon or rather for a long, long time.
The EU is having too many problems and they can no longer use American coporations and American Banks which includes Wall Street to prop up their currency. The DJIA (dow jones industrial average) is getting ready to tumble over and break below 9,500.00 which is the next real target. When will the DJIA reach 9,500.00? Heck I don't know I'm just a trader..lol
Anyway, now that EurUsd has broken below 1.2000 there just no way (imo) that the currency-pair won't reach 1.1750/1.1850 and may be even 1.1695. The EurUsd has a long ways to go to find a bottom now that 1.2000 has been broken.