Euro bulls are having trouble to stay above 250 and I don’t expect them to break up towards 300 early next week either, even though they could always surprise me. I expect them to reach 500, but I think its safer to wait for a re-test of parity first or for a clean break above 250. So for me the week will start in waiting mode. If we start with a downmove…I will wait for when it stops, if at the 100 level again or if it breaks below, towards parity or lower. We have big events by the end of the week, BoE monetary meeting on thursday and big US news on friday. Until then the market will get into positions…so the safest bet is to wait until then, so you don’t get trapped into a bad trade early.
