Pierpont Securities ‘strongly recommend’ taking profit on EUR/USD longs and recommends scaling into shorts.

They say valuation measures are overstretched and are prepared to make more aggressive bets against the euro in 2014.

I think it might still be early. EUR/USD has continued higher after the breakout last week. I can name plenty or reasons to sell the euro but it never drops on bad news and price action trumps all.

EURUSD daily chart Dec 9

EURUSD daily