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EUR-USD Backtesting Wedge, Watching for Breakouts in GLD & SLV

The EUR/USD is currently backtesting the bullish falling wedge pattern following yesterday's breakout. The ideal scenario for the precious metals, the miners & other dollar sensitive assets would be a successful backtest here with prices moving higher to take out yesterday's highs. A few near-term resistance levels/targets are listed on this 60-minute EUR/USD chart:

EUR-USD chart

EUR/USD 60-minute Dec 2nd

 

Should the US Dollar fall against the Euro in the coming days/weeks, as expected, GLD & SLV would likely take out these near-term downtrend lines, which would be bullish for the precious metals & mining sector.

GLD etf chart

GLD 60-minute Dec 2nd

SLV etf chart

SLV 60-minute Dec 2nd

Dec 2, 2015 9:33am|Categories: Forex (Currencies), Gold & Commodities|Tags: , , , , , , , , |Comments Off on EUR-USD Backtesting Wedge, Watching for Breakouts in GLD & SLV