Traders returned well rested from the holiday weekend with an agenda to sell dollars, and sell dollars they did. EUR/USD broke hard from the descending triangle that we have been watching offering two different entries on the retest of 1.2820. Either entry point offered a minimum of 50 points in reward.

For those of you who are still long, your decision point is at the .786 retracement at 1.2912. If 1.2912 goes, then yearly highs of 1.2972 should be surpassed, and up to the ultimate target at 1.272 extension of 1.3048.

For those who missed the 1.2820 entry, there is a little 3-minute Gartley buy pattern forming offering a long entry at 1.2880. Stops should be below 1.2860 and look to target the retest the intraday highs on a partial position, and the yearly highs at 1.2970 on the remaining position.

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

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.