My favorite chart pattern has just been triggered in EUR/USD, the double bottom. A pair of bottoms around 1.2805/15 were put in on the short-term charts and now prices have overcome th intervening high between those lows. That high was at 1.2913. The textbook tells us we should have a measured-move rally toward the 1.3010/15 area.
Fibo resistance at 1.2940 was penetrated on this latest EUR/USD surge, the 38.2% retracement of the 1.3324/1.2704 slide.
