Everyone believes the Euro and Dollar are going to Parity (EURUSD = 1.0000)
Nearly Everyone anyways. There is a handful that do not, and this does not include 99.9% of the institutions.
Let’s look what is occurring and what I have been watching over the past few weeks.
Here is a close up over the last few days on an hourly chart. The red line is the support from 2015. I wanted it to come through this support and hold, which it did at number 1. Then I wanted the Euro to test the breakdown and hold, which it also did (going to plan).
Then it tested is a third time and dropped like a rock and was stopped out. However, look what happened on that third test. It immediately ripped back up for 12 straight hours and through that 2015 support level.
THIS got my attention. I thought I was back in business. Then earlier tonight the Euro spiked up to 1.065. That is huge in my opinion, altos chased and someone big covered.
So what does this mean?
It means that tomorrow is a very important day for this pair.
We have our Failed Breakdown on a weekly time frame. If this closes strong tomorrow, we have a Weekly Reversal with MINIMAL RISK.
This would also give me more of a reason to believe that nearly EVERYONE is on the wrong side of this trade.
We will see tomorrow.