BombayBulls
Long

EUR/USD Squeeze Continues

FX:EURUSD   Euro Fx/U.S. Dollar
50 0 2
EUR/USD             price actions has once again proved that too much consensus is bad thing. When every man and his dog is betting the same way then it pays to be a contrarian. When every bank and broker join the bandwagon to put EUR to parity, it was the sign of a bottom. Now when will it stop? Nobody knows but we are sure that again when banks will start recommending long euro             near 1.15 / 1.20 , the top will be in sight again :)
So far our long EUR strategy is paying off handsomly and there is no reason to waver until price dictates to switch. We are not gonna argue against the fundamental picture for euro             because that leads us nowhere in our P/L. So we will keep an eye on fundamentals and know that ECB is still printing, but in order to make profits, we have to get long EUR. Today, we are looking to get long near 1300 and 1250. Near 1300 we will monitor the price action closely and to scalp. 1250 is better level to get long with conviction.
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