Hey guys we've had quite the run on euro which isnt a surprise if you saw the H&S forming on the DXY Months back. Now we are approaching some weekly/monthly resistance at the 1.1710-1.1720 level. I don't know if were gonna make it there or not if Yellen sends the dollar weaker I will look to short at those levels, if not I have my sell stop under 1.1609 ready to catch a move to minimum 1.15 but I wouldnt be surprised if we went lower. Over the long term i'm looking for more Dollar weakness but I'm thinking its time for a pause.
Comment:
So we see that monthly resistance is holding if we stay contained below 1.1720, we should we see a chunky retrace on this euro. Everyone is soo bullish EURO, I love it just when everyone gets excited to go with the trend that's exactly when the big money is taking the opposite position.
