Euro rallies to monthly resistance

[psperos]

Look to take shorts here with stops 2300 target 1.1560. Good risk reward trade.

the apparent breakouts on the weekly and daily charts may end up as extremely ugly false signals.

[Iris]

Hello Pete..........

Good Job and Right to the Point...1.2250 is the Sell Zone.....

South...and it will confirm a start at a break at 1.2150<>1.2080.

Long Term Picture Today had a perfect South trajectory off 1.2250...

And your Chart shows the Big Picture...Great Job Pete.

Euro Fundamentals warrant only Corrective phases into South continuation.

[psperos]

Thanks for the comments Iris!

South is on indeed. It’s definitely worth 100 pips to find out in my opinion.

Taking a look at the crosses, the euro is over bought across the board since early june. I think the euro is going to be in a lot of trouble this next dollar leg UP. Most people conclude the euro decline is overdone, but from the crosses it’s just getting started and was never really underfire when we made the 1.1871 low this year.

[psperos]

stopped out... giving this one more shot. As long as the euro is below 2450 i believe the euro will revisit the lows again this year. short 2371 stops 2489

[Alcanon]

Hi Psperos

I think that 1.2480 - 1.2520 will probably be the top. Formed by 2004 range highs and various Fibonacci confluences. Good luck!

[psperos]

I think you are right, i'm going to move my stops a bit higher before i go to bed tonight

[psperos]

Just an update on my position. I closed it out on friday at 327 and went long at 343 with stops at 280. ill do a chart later

[psperos]

I'm really confused, so i closed out my long and am now standing aside.

My bias is short, but this breakout appears to be building momemtum that could push higher and start creating a right shoulder on the weekly.

I have an order to short at 1.2287 incase the breakout fails and we play out this possible channel. If we break out to 2400 plus, i'm going to look at add short with a really wide stop because i really don't believe this move is going to renew a euro uptrend.