The euro has broken down against the doolah, and is now indeed targeting parity on the daily chart.
However, when you look at the very long term view, calculating conventional measured move targets from the broken top and consolidation patterns, results in a target range of 0.75-0.80.
Ultimately, it depends on the relative tightness of the Fed vs. the ECB. As long as the Fed is tighter than the ECB, the euro will weaken against the dollar.
Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.