The currencies are driving today’s action. Let’s take a look at a chart of the U.S. dollar …
And now for a look at the chart of the euro.
These charts look bullish for the buck and bearish for the euro. But remember they’re charts – and thousands of technicians acting upon them may make them self-fulfilling prophecies. Or, we could see them reverse again tomorrow or later this week, and the euro could go test more likely overhead resistance around 1.27.
If the euro trends lower again, we’ll probably see Europeans start to buy gold again in earnest. Stay tuned.
More on this topic
(What's this?)
PRECHTER SAYS THE EURO WILL “BREAK UP”, GOLD IS NO SAFE HAVEN
(THE PRAGMATIC CAPITALIST, 6/5/10)
The U.S. Dollar’s Outlook: Walking Down the Road Toward Hyperinflation
(Investment U, 6/22/10)
How a 10% Drop for the Euro Made You 100%
(Investment U, 5/25/10)
Peter Schiff: U.S. Dollar is a "Bottomless Pit"
(Expected Returns, 7/22/10)
Related Posts
- Clash of the Titans: The Euro and Dollar (06/28/10)
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- Gold, the Euro and the US Dollar (04/22/08)
- 2 Charts on the Dollar and 1 on Gold (07/15/10)
- 2 Charts on the US Dollar (04/28/10)
{ 1 comment… read it below or add one }
Hi Sean,
I’m very interested in your view of the effects of the Chinese yaun being released from it’s peg to the dollar. Please let us know soon. Thanks so much.