My lunch time scalp in EU; I've seen this pattern many times in weakening FX pairs. I don't have a name for it, and it doesn't match any of the setups in Holmes' VSA trade setups book, but when it shows up rate usually comes off. Bar just prior to the WRB-ETMD was a hidden upthrust and there's weakness in the background, so the bias is to the short side for a bit.
After the latest big ECB/IMF/EU vs Greece pow-wow to save the Euro, rate will get some love and the primary dealers will walk it up and squeeze some shorts. Although it seems unlikely to me that any big funds or major players are still mega short EU.
After the latest big ECB/IMF/EU vs Greece pow-wow to save the Euro, rate will get some love and the primary dealers will walk it up and squeeze some shorts. Although it seems unlikely to me that any big funds or major players are still mega short EU.