The U.S Dollar was termed as the strongest currency against all other currencies especially the Euro 3 years ago in 2006 and experienced the best levels in history. Almost all analysts and traders were surprised with the Dollar’s level at the time as the fundamentals were not quite strong and the upward move was termed as one of the biggest surprises by almost all market stakeholders.
The technical analysis and fundamentals both indicate that the dollar is experiencing a major decline against the Euro. The impact of recession on exchange rates among other factors in phenomenal. The technical analysis portrays that a major decline is in store for the dollar against the euro on a long term basis. The fundamentals are also quite poor as the U.S economy also displays negative signs even after a support package announced by the government to bail out banks and other financial institutions.
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