Should the rally continue in the euro and if 0.8450 breaks then the next target will be 0.8500.
By all accounts it will be pretty tough going as we have the 100 dma at 0.8470, Mike’s orders at 0.8480, the 38.2 fib from the April hi/lo at 0.8488, the 200 and 100 H4 ma’s at 0.8490/92 and large sell interest at 0.8500. Given the current environment in euro trading I would suspect that the resistance will win out.
Trading the 0.8400/8500 range is the obvious choice. I’m going to keep an eye on it myself and may look to enter small shorts starting around 0.8485 though to 0.8495/00 with a stop around 0.8515
