Earlier this week we posted a chart of CurrencyShares Euro Trust ($FXE), showing a bullish consolidation above the 200-day moving average. The weekly chart below shows the break of a year long downtrend line on a pick up in volume. With the strong move off the lows, the price action should continue to consolidate in a tight range and ideally not retrace more than 38% of the move measured from 7/27 to 9/14. Currently the lows of the consolidation is only 33% off the highs of the move.

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