Just like recently all the patterns on gold were broken, everything previously created is now irrelevant on the EUR/USD charts. The reason for that are massive fundamental changes in the Euro. During yesterday’s speech the President of the European Central Bank Mario Draghi made an important announcement. The ECB is set to stop its monetary easing policies, which means that there will be less Euros in circulation. Subsequently that has caused the price of the Euro to skyrocket. The future outlook of the pair is set to be dictated by details of the stimulus cutting. However, some guidance for the short term can be taken from the technical levels. It can be seen that the previously active long term pattern’s upper trend line is now providing support. That and the fundamental situation indicate at a surge.
