We're looking at the EUR/USD
monthly chart. We can clearly see how highly impulsive these latest few down months have been. However, the pair is currently hitting the base of the long term descending triangle
. This is a key historical support area
, and we are paying close attention to what will happen going forward. If we get a convincing breakout of the base, we're looking at a very likely move of the EUR/USD
all the way to parity. Alternatively, we may very well get a bounce in the EUR, which will likely mean some correction in the greenback's rally.