EUR/USD has been on quite a tear lately, breaking downward trendlines that had firmly been in place since the financial panic of 2008. As such, I thought it would be worth zooming out to the monthly timeframe, to see what the picture now looks like. Consider the chart below. We see that EUR/USD had a run up from around .8400 to over 1.6000 in the previous decade, before pulling all the way back to around 1.1800 -- the 50% Fibonacci retracement level of the 0.84-1.60 run up. The long wick on the monthly candle off the 50% retracement level gives the retracement and the run up is based off greater credibility in ... (full story)