EUR/USD quickly gives back spike above 1.19
It's far from fatal but the pop and drop today in the euro is a concern from the bulls. The pair has been on a non-stop tear and that's the kind of thing that can lead to a washout of the bears. When that happens, it usually looks like the kind of thing we saw today.
Generally, it's a bit more dramatic -- like a 250 pip rally and retracement rather than this 40 pip pop and drop.
That said, it still reeks of shorts being chased out rather than fresh longs who are chasing the trend.
