A quick trade entry on the Euro resulted in a quick loss. The Euro broke above our entry last week and quickly reversed for a stop out. On reversal trades we always trade with tight stops so this was a small paper cut. At this point we will wait for the knife to stick in the ground before considering any long position. WE WILL NOT CHASE THE SHORT AT THIS LEVEL.
We are watching the Euro closely. Draghi said he wasn't ready to inject stimulus and needed more time to evaluate. Really? This is good news for traders. The Euro should consolidate tighter for a chance to POP in the near future. We will continue to monitor the possibility. Keep it on your watch list.