ECU11 – September Euro (Last:1.4392)

September Euro (ECU11) price chart with targetsThe futures have pushed above two resistance peaks without drawing a breath, suggesting that any pullback lasting more than two days is likely to be a consolidation and possible buying opportunity.  The chart shows why the move is not quite impulsive, however, since the peak labeled #2 is not an actual peak (i.e., it is  not preceded by a stick-down low). Even so, the rally looks to have enough power behind it to imply that the U.S. dollar will remain under pressure.