The Euro has been on a roller coaster ride over the past several years.
The direction has been mostly lower but the Euro is trying to firm up here. And the bulls desperately need to see some upside traction!
In today’s chart, we highlight two look alike patterns: the Euro in the 1990’s and the Euro in the 2000’s.
As you can see, in the 1990’s the Euro formed a pennant pattern, breaking down through support. It then retested the underside of the pattern (1) before breaking support (2) and cascading lower.
Is today’s pattern hinting at something similar in the works? The Euro kissed the underside of the pennant again (3) and is now testing lower support again (4). If support breaks at (4), will selling pressure increase?
An important message could come from what happens at (4). Stay tuned!
Euro Currency Chart
Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to firstname.lastname@example.org for details to get set up.
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.