EURUSD finally showed its hand on Friday. I wrote about the wedge pattern you see below on Wednesday of last week. At the time, the euro had just bounced from support near 1.1320. However, we were still waiting for a breakout. That move came just before the weekend. I’ll be the first to admit that I don’t like Friday breakouts. The lack of volume before the weekend can sometimes lead to false breaks. One way to sidestep the risk of a false break is to wait and watch. If EURUSD reacts to the 1.1320/30 area as new resistance this week, it would suggest that the pair is likely headed lower. In other words, watch for ... (full story)