The pullback players to 118.00 from October's NFP breakout level are most likely in the market already. A deeper retracement to 117.50 is probably enough to shake out any weak hands, which is by the way our focus technical level form late last week. Some patience will be required, as we are heading into the two-day Fed meeting this week, but a look at 117.50 -75 could be bought with stops not closer than 30 points lower. The target will remain open on this as the trade develops.

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

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