Here is a Great Graphic we created on Bloomberg. It shows how the euro is moving above a year and a half old down trend line. This is what euro bulls are excited about.
The $1.3150 area contained the euro's rally in September and October and that corresponds to the 38.2% retracement of the down move from May 2011.
Assuming the offers in this area are successfully absorb, the euro can move toward $1.35, which is essentially the high for 2012.
Great Graphic: What the Euro Bulls are Looking At
Reviewed by Marc Chandler
on
December 06, 2012
Rating:
![Great Graphic: What the Euro Bulls are Looking At](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-HLaRP5mBr-FJDBZDvAmqb3QEKg2gi8EZOEmNp9NEHlv2EeLpayhAdwACNEZfSf8rXG4rn5A3xGF-DHClN9sS2pT7-ms2y17ncYLuLpDwiC1IPXIDFr4PBfbgbm01ZyDgKDBnlMOyoNve/s72-c/euro.gif)