Sunday, September 26, 2010

Euro Currency On the Move


The Euro currency has been a market that has caught many inventors by surprise. Last month almost every analyst was saying that the Euro was headed back down and would test the lows from last June. Well as you can see in the chart above the Euro has moved sharply higher and is actually breaking out!

Back in June the Euro made a small inverse head and shoulders pattern which rallied the market into the August high. What I find most interesting about the above chart is that we are seeing an even larger inverse head and shoulders pattern take place right now. Last week the  neckline was broken which confirms the bullish pattern. If this formation plays out like it should, the Euro may move considerably higher in the weeks to come.

1 comment:

FX Trader said...

EURUSD is very strong but fundamental is weak. I do not dare to go long on EURUSD.

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