EURUSD To The Moon

29 Jun


Late last night, EU leaders announced that the bailout funds from the EFSF and  ESM  would be used to recapitalize troubled banks in Europe.  This lead to a screaming move higher in most of the majors against the USD.  The strength of the move is a great indication of how little was expected from the EU conference.  Thursday's plan of buying on the 4hr pullback confirmation played out very well last night.   looking at the pair now it appears the cross could be near the top of its range and we could see a pullback from this level.  The Sunday open will be revealing.  if we gap higher we could see a retest of the monthly highs.  It also looks as though the pair could be in a triangle.  Res begins at the descending trend line around 1.2680.  A pop above this level could lead to a stop hunt up towards 1.0750.  Significant support doesn't begin until 1.2520.

Sup  1.2520               1.24

Res  1.2680                1.27