The uptrend since the Dec FOMC looks to be gathering pace
The area around 1.0690/1.0710 is one I've had my eye on for a few days since my review of my long position last week.
The dollar weakness has helped push the euro up here and if it can maintain these gains, it's got every chance of pushing on.
EURUSD 15m chart
The first run through 1.0700 was knocked back but subsequent moves have found the dips become more shallow. 1.0690 has been providing the support level in the last couple of hours.
There's some balance here now and not even USDJPY dipping under 113.00 has led to the pair breaking the day's highs. That leaves a pretty narrow ballpark to play in.
For now we either break the highs and maintain that break or we risk dropping back below 1.0690/80. If that happens we could see some traders taking profit on this rally and a fairly swift move back down to 1.0640 or worse.
Should we stick it out up here then the 38.2 fib of the Brexit swing top sits in the way at 1.0755.
The dollar is really driving this one again so my longs are at the mercy of that rather than euro fundamentals.
