EU institutions aren't going to let the Euro fall any further without a fight, while a strong dollar is the only current remedy for the inflation we're seeing here in the US. I think support's too strong at the moment, which is why I see price heading back to supply. Hopefully we can see a strong short that breaks 1.04 from there and where it's hard not to see the Euro falling below 1 for the first time in decades. I'm looking at an aggressive 6:1 RR, and because we're ranging right now and the strong rejections we've seen for the past two months, I feel safe risking 2-3% on this trade.
My trade:
Long @ 1.04
Stop @ 1.038
Profit @ 1.052
Trade active:
I moved my entry to 1.03975 but overall the trade is the same. In long!
Trade closed: stop reached:
stopped out again!