Yesterday, as Mario Draghi spoke, the common European currency skyrocketed against the rest of the markets. After the ECB press conference the EUR/USD currency exchange rate stopped at the upper trend line of the long term descending channel patter near the 1.1560 mark. Immediately afterwards the markets were watching, will or will not the pair break out of the pattern. The result is that the pattern was broken. The breakout resulted in a 100 base point surge. Moreover, it indicates that the Euro is set to continue to score gains against other currencies in the long term. Meanwhile, it has to be noted that the next target for the pair is the combined resistance of a large scale ascending pattern and the 2015 high level near the 1.1710 mark.
