Euro Currency Breakout? Gold Bulls Sure Hope So!

Chris Kimble
euro currency trading breakout higher stronger chart image - 12 december year 2019

Euro Currency Breakout? – Here’s the “weekly” Chart

The Euro has spent much of the past 2 years trading in a down-trend.

Though precious metals like Gold have fared well, this has been a bit of a headwind because it means that the US Dollar has remained firm.

Big Test In Play for the Euro

The Euro is testing a confluence of important support just as the downtrend is narrowing and ready for a “break”. That support includes lower falling wedge support and the Euro’s long term up-trend support line (see points 1 and 2).

If the Euro can succeed in breaking out at (3), it would be bullish. As well, a Euro currency breakout would likely mean a weaker US Dollar. And this would send a positive message to precious metals and commodities bulls. Stay tuned!

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