It appears that the symmetrical EUR/USD daily support is the real deal, so a sustained move above 1.2550 is the appropriate play. We are beginning the week slightly in the red after being stopped out of 1.2550 shorts fairly close to the highs last night. So it's important that we bear down and nail our next trade to continue last week's upward sloping P/L curve.

Currently, there's a little 15-minute Fib pullback play that we are bidding for to bring us up and through 1.2550 on a sustained basis. Look to get long on the .618 and 1.0 projected level at 1.2530 for a half position, and second half at 1.2520 at the .786 retracement for the second half, with stops for the whole position just under 1.2510. Look to take half profits and trail a stop higher at the overnight highs of 1.2585.

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

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