EurUsd defines the dollar basket and today some major moves occurred. The pair help to define many instruments across world markets so what happens here is important.
The euro is threatening to end her multi year cyclical bear vs the usd. Fundamentally its hard to point to the rational for this price move but hopefully we have all learnt by now that rationalizing major price moves is often unwise. Insiders are often ahead of the data. Its pays to follow their lead rather fight technical trend changes from the historic data.
Trading wise a new technical trade kicked off for me today, on medium and longer term timescales. The shorter term trade long euro kicked off a month ago which i continue to run.
Lets see if this is a false breakout. She has room to run in terms of over bought levels.
Cheers Rich