US Dollar Looking Weak Vs. Euro

I started doing some longer term analysis on the EUR/USD because there is a massive "cup and handle" pattern forming. This is something that you will find in any book containing basic patterns.

I want to preface this post by saying that the pattern itself had ZERO relevance to my projections and offered no quantifiable input to the analysis. It was simply an amusing pattern to show.

I was just going to post the "cup and handle" pattern on the EUR/USD with an arrow pointing up and ask everybody what they thought about the US Dollar. Then I started breaking down the mechanics behind the "cup and handle" pattern and lo and behold I found structure that contained a major support zone, trend up, pullback with significant inside support, and significant constriction at the top pointing to a high probability chance of a big move to the upside.

WOW! This is very clear structure that shows a probability of a test of the 2008 highs in the Euro and likely extension attempt to new highs.

My analysis is purely technical in nature. I do not take into account ANY fundamental aspects when developing my projections. You can not quantify Geo-political events. My opinion is that the event is simply an excuse for natural buying and selling structure to play out.

This is not a political blog so I will refrain from opining on why this scenario could be setting up. I think we have smart readers so most of you can figure it out. As a trader, I have learned to not wonder why.

There are 3 screenshots. The first is a basic chart highlighting the pattern and projections. This is the original slide I wanted to show.

The second is a chart that is more like the morning prep I do but on a daily chart. This shows the mechanics behind the projection and the "cup and handle" pattern.

The third is a chart containing visualization arrows of my projections. It looks like structure is there for a fairly powerful move up to me.

I would like to encourage you to comment on this analysis and even offer your own. I will be glad to post your projections whether they agree with mine or not.