The above chart is a weekly chart of the euro. The chart has been in a downward sloping channel for roughly the last year. Last week, prices broke through upside resistance, printing a strong bar on high weekly volume. This is an ideal example of a textbook breakout for a chart. It also signifies a fundamental change in the markets attitude toward the euro. For the last year, the EU has been a net drag on the overall trading environment for obvious reasons. However, last week's announcement by the ECB obviously provided a strong enough change of events for the currency markets to start taking net long positions in the euro.
