Looks like the easy money in EUR/USD has been made. Those who bought EUR/USD after the Fed upped the ante on quantitative ease have seen that area tested each of the last three sessions. We’d expect some of the shorter-term crowd to begin looking to sell into rallies now to book a few profits now that it appears that there is two-way traffic rather than merely a straight-line devaluation.
Stops will build below the 1.3515 lows put in place last week from medium-term types.
Near-term, stops have just just been triggered below 1.3600. That level was the 61.8% of the rally from Friday’s 1.3515 low to today’s 1.3734 high.
