Euro Dollar Strong Uptrend Continues

The Euro Dollar strong uptrend continues today as the preliminary October University of Michigan survey disappoints Dollar bulls. The U. Michigan survey was reported at .82 compared to an expected .84.

The Euro Dollar experienced a brief correction immediately after the better than expected Non Farm Payrolls report last Friday, hitting a low of 140.16 on Tuesday, Oct. 9 two trading days after the data was released. Since then the Euro has pushed forward and is trading at 141.70 as I write.

The US Dollar remains in a pronounced downtrend that will likely persist for quite some time. Do not be surprised to see the Euro trade up to 150.00 or so before the US Dollar is able to manage anything more than occasional corrections in a long term downward trending US Dollar market.

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