Are the Euro and U.S. Dollar Currencies Setting Up for Big Moves?

euro currency breakout higher versus us dollar forex fx markets big move chart image

Euro Currency versus US Dollar Currency Charts

When the currency markets breakout or breakdown, the markets take note.

Big moves in the currency markets affect trading of commodities, bonds, and equities.

Two of the most important variables in the forex currency market are the US Dollar and the Euro. And these currencies (and the pair) may be on the verge of big moves.

In today’s 2-pack of charts, we can see that the Euro has been in a balling wedge pattern. Price is now testing its long-term uptrend just as the wedge narrows at (1). This is ready for a big directional move and often times falling wedges will break to the upside.

As well, the US Dollar has been in a rising channel and is testing the lower end of that support at (2).

It would be big news in the currency world if the hard-hit Euro breaks out at (1) and the strong US Dollar breaks down through support at (2). Stay tuned!

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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