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(Bloomberg) -- The euro may be nearing an ``explosive breakout,'' reaching record levels against the U.S. dollar, according to a Citigroup Global Markets Inc. research note.
The trading pattern, including a so-called double-bottom that tested lows, resembles the one before Feb. 26 that preceded the surge to $1.6019 per euro, analysts Tom Fitpatrick in New York and Shyam Devani in London wrote in the note today.
`` We cannot help but feel that things might be about to get very bad again,'' the analysts said, referring to the possible combination of falling bond yields and rising oil prices.
Originally posted by yellowcard
This is highly unlikely, they are basing all of their predictions on technical analysis and not fundamentals. The fact is that it is the benefit of the international community to keep the dollar up, and it's already grossly undervalued using PPP. The Euro Zone's economy isn't strong enough to justify a break out of their currency, if their currency was to continue strengthening they would probably spiral into something horrible, the EU is overrated and has tons of problems coming it's way.
Originally posted by disgustedbyhumanity
The Fortis story is a hoax. It was written by a janitor at a US University.
Next week will be a historic up market for US and European stocks IMO>
Most posts also claim that the original story was written in Dutch, and a few even contained a dead link to the alleged original story on Da Telegraaf, a Dutch news submission site. After searching the Da Telegraaf site, I was able to find the original story, which was submitted anonymously. It had no author, it sited no source, it came from no news syndicate (such as Reuters or Associated Press), and it was submitted to no news syndicates.