EUR: Let the consolidation begin
Harry Hindsight will be screaming that it was obviously an interim top in the EUR but we’re better off listening to the interbank dealer who described Friday’s price-action in the EUR as being exhaustive; he’s been proven 100% correct. EUR/JPY and EUR/GBP have reversed the sharp gains from Friday and I suspect that the EUR will now slip into an extended period of consolidation.
I do not believe that the EUR bull phase is over, merely that we will now see a long-overdue consolidation and a healthy retracement. Use Friday’s highs as an interim top, pick some technical pull-back levels, and put your trading hats on!