Euro (€) / US Dollar ($) (EUR/USD) Mid-Session Update for December 14, 2012

The EUR/USD made an explosive move to the upside on Friday, taking out last week’s high at 1.3126 and the October 17 top at 1.3139. The strong momentum suggests that traders may be already setting their sights on the September 17 top at 1.3172. 

The strong move has also placed the Euro on the bullish side of an uptrending Gann angle at 1.3120. Another uptrending Gann angle at 1.3076 is providing additional support.

 The move by the EUR/USD is also rattling the weekly chart. Today’s move broke out over a downtrending Gann angle from the 1.4247 top from October 2011. This angle is at 1.3067.

A close on the high today will put the market in a position to challenge another downtrending Gann angle from the top formed the week-ending May 6, 2011 at 1.4940. This angle is at 1.3240. A move through this angle will represent a serious shift in investor sentiment.