Given the poor fundamentals for the US dollar, trade and budget deficits, and the near certainty that the European Central Bank will bump rates to fight inflation, Citigroup Global Markets Inc. is predicting s major and abrupt fall for the dollar.

The trading pattern, including a so-called double-bottom that tested lows, resembles the one before Feb. 26 that preceded the surge to $1.6019 per euro, analysts Tom Fitpatrick in New York and Shyam Devani in London wrote in the note today.

They are right, the pattern looks similar.

In fact, you see it over longer periods:

It should be noted that the Canadian dollar is at a 2 month high too, so I expect things to be down tomorrow, and I agree with their prediction of $1.69:€1.00 by September.