Since 2008, the Euro has been in a long-term Downtrend against the US Dollar, with huge swings up and down within a fairly consistent Down Channel. The red lines in my graph show the Support and Resistance of the long-term trend, while the Down-Channel is shaded orange. Depending on where exactly the Resistance Line is drawn, we can see that a Break-out from the Down-Channel either has already occurred or is imminent. The long term movement of EUR/USD from here is upward, but there is still scope for a Down-swing in the weeks ahead.