Dollar Hammered

12/19/2008 10:15 am EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

chart

The completion of the H&S top formation in the Dollar Index noted last week (see arrow) led to a sharp plunge in the dollar and a rally in the euro. The dollar index lost almost 7% in just five days before closing higher Thursday. It is up in early Friday trading, but there are no strong signs that the decline is over.

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