Like the rest of us, Goldman is keying on 1.4720 in EUR/USD in the near-term. A break of that level and 1.4866, the December highs, open the way for a move toward the 1.53 region, their technician says. That would likely be the end of this bout of USD weakness, based on past experience. He uses the 1992/1995 period for comparison’s sake, and figures we will retrace something like 80% of the USD rally we experienced last year.
Bottom line: They think we are closer to the end of the dollar slide than the beginning.
