UUP Continuing Trend Up?

As I showed you last night in the last charts on the Dollar currency charts, the Euro is falling into what looks like a H&S patten, which means the dollar is basing and perhaps changing trend up, 3C has been predicting this since about a week or so before the first signs of a reversal came into play. Today we have the dollar proxy UUP breaking out to the upside out of the bullish consolidation flag. It would be nice to see volume pick up a bit on the breakout.

The EUR/USD pair is seeing continued deterioration in the Euro trend toward that H&S neckline, thus our breakout today in UUP.

Although it may make no sense according to all the media talking heads, these type of reversals rarely do until sometime later. As I explained last night, a stronger dollar is bad for most asset classes, including Gold (GLD is barely at a gain today after it's bounce yesterday), commodities and equities. You can also see by the horizontal trendline that UUP held support the entire pullback.