Feb 18, 2009 1:00 PM Est
Casey Stubbs- Winners Edge Trading
Today we saw slight weakness in the Euro after a strong downward move yesterday. The pair has slowly moved down and now is moving in a small range with not much movement. One of the possible reasons for the lack of direction in the pair is confusion for traders as to where to invest their money. The economic news is terrible, the Euro news is bad and the Dollar news is bad. Traders right now have no way based on fundamentals to determine what is a good investment. The overall consensus as to why the Dollar is gaining is because when in doubt hope on the dollar. That is a hope, that is eventually going to be crushed because of our policy to print more money and our extended debt. I think that short term we can see more gains but long term all these news events are going to catch up with the Dollar and we are going to see the value decrease at a rapid pace. The technical end of this is signaling more Dollar gains. I think we are going to see a double bottom in the near term at 1.2331.
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