EUR/USD is bumping into trendline resistance at current levels of 1.3480, so if still long from this afternoon I would recommend taking most profits for a decent 70 point gain. This E-wave is proving to be fairly elusive, and when combined with today's strong equity market close, which correlates well with EUR/USD currently, I am afraid wave E could move higher than it's leading us to believe. Currently, I am watching a Fibonacci resistance zone at 1.3560-1.3600. I am not going to leave orders to get short here, but rather an alert for myself at this price level. I want to see how price reacts before selling this zone.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.