Positive trade data today from the Eurozone has meant a bullish start for the single currency. A lot of the time these moves following good data can be used by larger time frame traders to get out of a bad position or flip the other way. Having defended the 0.8500 several times, there has been a breakdown and now a retest and today’s price action could end at lower prices. Backing this thesis is the fact that the retail traders are extremely bullish and I feel they will be squeezed out of their longs.
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