Dollar pairs were just simply all over the board last night as bears who where convinced the uptrend was over broke the EUR/USD through channel support at the 1.2730 zone back up to 1.2750 on retest and then down to a sub-1.2700 test of 1.2683 area low. Bulls were not having it because we stayed below 1.2700 for all of 30 minutes before New York came in for the day and recovered everything given up in Europe and London.

Our trading sheets go something like long EUR/USD at 1.2750 and stopped out at 1.2725. Then short at 1.2750 on a channel retest followed by a quick 65 point push lower to 1.2685 low followed by consolidation into the New York open. So you likely grabbed between 25-50 points on that short trade to be even or slightly up on the night. But don't worry as there is still plenty of money to be made with EUR/USD above yesterday's 1.2835 highs.

Look to be pullback buyers of the EUR/USD while above 1.2835 and below 1.2880. Above 1.2880 and we need to consider the pair of Fifth Wave projections at 1.2880 and 1.2890 area described below that could offer some tradable resistance on an approach into the 1.2900 figure. We will offering lightly into that push with stops over 1.2905 with an open target, but I can tell you that I will be quick to book partial profits due mostly to the fierce nature of this trend.

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

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