The US Dollar formed a very bullish candlestick pattern last week. The pattern was a large bullish pin bar from a pullback off of a swing high. There will be an immediate test of resistance at the 97.00 level and if that is to break we could see it quickly rise up to the 99.50 - 100.00 level before meeting for serious resistance. I wouldn't be shorting the dollar right now, but for those who are long I would use these levels 97 and 99.50 as areas for trade management.
I am currently short the EURUSD.
I am currently short the EURUSD.