The EURUSD possible double bottom could lead to a longer term breakout.

The 1.1100 level is going to be a big resistance after today’s price action. The move to the 1.0920’s today following the ECB may have set up a technical double bottom. A move above the neckline at 1.1100 would confirm this and open the door for the 200dma at 1.1250. In the event of this happening, the long term descending wedge would be broke, which is a bullish development which must be watched longer term.

Blake Morrow