DislikedI can tell you what's happening. After weeks and weeks and even months of pressure to the Euro it's time for a correction. It's that easy. Of course you don't see that on a noisy 5m intraday chart.
This can go up to 1.3850 without any problems and even then the down trend is still intact.
Keep in mind that the Chicago Euro net short futures have its highest level, higher even than in Sep 2008! Now you need some really bad stuff to get new(!) fresh sellers. This can really lead to some kind of a short squeeze if we go above 1.37...Ignored
Rule No.1: Never lose money. Rule No.2: Market is always right !