We asked traders if the euro will reach parity with the dollar

April 10, 2015 08:27 AM

Matt McKinney @mmckinney17

I must answer that with a resounding..."YES!" Not only do we have what looks to be a picture perfect double top coming into play on the daily chart below , but we also have a big payment coming due from Greece. The fine country has made a couple of payments on time already but I'm not sure that they can keep it up. There looks to be a Sovereign Debt crisis in the Euro Zone right around the corner, maybe possible "systemic risk" with the entire continent.

I can see the countries falling like dominoes in the coming weeks and months—next Portugal, Italy, Spain and, who knows, maybe even Ireland could all run into Sovereign Debt issues. This would certainly cause the the euro currency to fall to parity with the U.S. dollar in my view and who knows, maybe even lower. Then the eventual demise and total collapse of the currency altogether.


Matt McKinney is a full-service options broker at Zaner Group both buying and selling energies, metals, grains, softs, currencies and the 30-year bond market. His strategies include time frames of 45-120 days with the ability to liquidate at any time. He can be reached at mmckinney@zaner.com or on Twitter.

 

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