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EURO-DOLLAR: "Euro-dollar towards $1.11-$1.12 by the end of July - don't
laugh," say technical analysts at Citigroup. They look for further
dollar strength in the days and weeks ahead, with an emphasis
particularly on European currencies. The break of key supports in the
euro at $1.2730 down to $1.2462 suggest further euro losses and momentum
remains strong at the moment, Citigroup says. Their minimum target
remains $1.1935-$1.1987, which was a major double top level in 2003 and
a starting point of the rally that began in Aug 2004 ($1.1990 low). "It
is worth reiterating that in the last major multi-year bear market for
the dollar (1985-1995), dollar-DM fell impulsively from Feb 1985 to Jan
1988 (1 month short of 3 years) before the first major correction took
place," Citigroup says. The correction was 24% over a period of 17 mos,
with 18.85% of it coming in 7 months time. "An 18.85% move lower from
the December 2004 (euro) high over 7 months would extrapolate to $1.1093
by the last week of July," the analysts note.
Provided by: Market News International
EURO-DOLLAR: "Euro-dollar towards $1.11-$1.12 by the end of July - don't
laugh," say technical analysts at Citigroup. They look for further
dollar strength in the days and weeks ahead, with an emphasis
particularly on European currencies. The break of key supports in the
euro at $1.2730 down to $1.2462 suggest further euro losses and momentum
remains strong at the moment, Citigroup says. Their minimum target
remains $1.1935-$1.1987, which was a major double top level in 2003 and
a starting point of the rally that began in Aug 2004 ($1.1990 low). "It
is worth reiterating that in the last major multi-year bear market for
the dollar (1985-1995), dollar-DM fell impulsively from Feb 1985 to Jan
1988 (1 month short of 3 years) before the first major correction took
place," Citigroup says. The correction was 24% over a period of 17 mos,
with 18.85% of it coming in 7 months time. "An 18.85% move lower from
the December 2004 (euro) high over 7 months would extrapolate to $1.1093
by the last week of July," the analysts note.
Provided by: Market News International
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