Originally Posted by
peat
in the bigger long term tho - this graph is monthly - it seems that there should be a lot of support in the 70's (yes I know thats potentially a 1000 pips down) but this is a monthly perspective.
In late 1996 and early 1997 the .7 area was resistance and 9 years later (after going as low as .4) then in 2004 and 2005 .7 and .75 were resistance areas again. But we've decisively breached that area in the last year or two so they (the mid to low 70s) supposedley become support levels, and while they might be tested again , if they were to hold could point the way to even greater highs over the very long term.
These are my thoughts looking on a quiet Sunday afternoon - not really a trading strategy but stepping back a bit to see the big picture.