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TFC Commodity Trading Forum

Euro/Breaking out!!! *PIC*

The Euro is breaking out over resistance with a bullish Inverse Head & Shoulder pattern and out of a recent tight consolidation pattern. If price can clear AND hold above 1.3212 it projects a strong rally ahead to the 1.38 area along with other markets that trade inverse to the U.S.$. 1st resistance above the present breakout point is 1.35 which is also the Fib 38.2% retracement point of the May/11 to Jan/12 selloff. Critical price point to clear not only for the Euro but most other markets that will run up in the same upward direction with DX selling off. Should hear good news from Europe on this breakout should it hold.