Euro Breakout

On Friday we saw the Euro breakout of it's trading range and very strong resistance. The price pushed up toward the next resistance where it closed for the week. As long as price stays above the resistance area and uses it as a support, if it does a pullback then we might see the same scenario that we had with the USDCAD pair where the pair broke out, used the trend line of many years and pulled back to it before bouncing.

Comms data is unavailable due to Thanksgiving and should be updated on Monday evening which will give us some idea of what might be likely to happen although they were heavily short prior to the rise up last week on both Euro and GBP.

Euro Dollar Weekly Chart