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Euro ready for another big move

|Includes: Invesco CurrencyShares Euro Trust ETF (FXE)

Euro has been consolidating past few weeks now. If you look at a 420 minute chart you can observe a discernable base formed at 1.3450. Lower highs with a solid base is indicative of a breakoout pattern. Bias will be to downside based on the mid term trend since January 2010.



Plan:

Observe this narrow channel for a breakout and wait for a retracement from the breakout to enter the market in the direction of the breakout. There is a potential for Euro to trade sideways for some time within this narrow channel in which case it would be best to trade the Oscillations.



Disclosure: Short in Euro