Technical Analysis of Euro (FXE) Shows Weekly and Monthly Bullish Patterns

Posted on Posted in Currency Markets

Currency markets are so vast that when a notable move occurs over weekly or monthly time frames, techical analysis and trading experience have taught me not to take such with a grain of salt. I believe we have such a case in the Euro (FXE) exchange traded fund. Although technically the week has not been completed, the price action appears aggressively bullish. Lending further support to this outlook is the back to back months of price stability in which a floor was placed under the Euro. When looking at monthly currency charts, the odds tend to highly favor a significant upside reversal when this pattern emerges. (See charts below)

 

fxe-weekly_april-30-2015

 

fxe-monthly_april-30-2015

 

 

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