EURUSD broke out of it's nice little triangle formation and along with some other pairs has been trending upwards nicely this week.
Daily EURUSD chart
News that the US may start printing more money soon has probably lead to this movement. What we want to know now is how far it's likely to go up.
Looking at the daily EURUSD chart above, we can see price has just touched the lower 100 period moving average line.
There may be a slight reversal before continuing up along the bullish orange trend line, or it may collapse below it and continue along the main down trend of the last few months.
EURAUD, EURGBP (not shown) indicate continued EUR strength, while USDJPY indicates possible USD weakness. Things are looking good for continued EURUSD momentum, but we'll want to see price clear these moving averages first.
