Longer term graphs here....
One chart shows the monthly since 1987 - a vicious decline from 2002's high of almost 1.6190 down to late 2007's low of just below 0.91
But 2009 has seen the recovery with levels now at 1.25 level being a 50% retracement. And since the daily chart is now showing a triangle formation which is a continuation pattern and often forms as a 'b' in an 'abc' correction perhaps this will resolve upwards for a final step in the dollars bounce back.
a strategy might be to buy the break of 1.27 here and go for 1.34 but after that build shorts especially if it goes to 1.45.
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