As we can see in the charts, the 1.1625 is holding (4H chart 21-55 EMA), but a potential H&S may be forming at the top of the trend line.
Many doubts in Europe are making the Euro weaker.
1.- Germany and Angela Merkel is under threat after the CSU party leader and interior minister offered to resign in response to the recent EU migration deal.
2.- Over the weekend president Trump Highlighted again the potential leverage from tariffs against the EU automovile industry.
3.-Fears over an outcome of a No-Deal Brexit.
Regarding to the COT report of these week, the Eur is no at a net extreme, but still represents relative extremes when compared to their position profiles over the past year. So there is still room for the trend to continue, but first it might take a breath.
As a EUR bull The MM2-WM2 would be a potential place to buy, around 1.16. which would be a 50% retracement of the last move.
Happy Monday to Everybody!




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