EUR/USD is another 50 points higher from this morning's update. If you are still long from last night, trail a tight stop on any remaining positions to milk this trade for as much as you can. Personally, I'm flat because the dollar is showing the beginning signs of hesitation.

USD/JPY is lining up for a technically significant test of 117.00. Both 61.8% retracement and parallel channel resistance are standing in the way of the dollar breaking higher against yen.  I 'm not quite ready to issue trade recommendations to get long Dollars because more data is needed. Back tomorrow morning.

We're long EUR/USD at pretty much the low of the last 24 hour down leg. We were up as much as 80 points in the trade Sunday night, and hopefully you booked some profits last night to allow for some breathing room. Stops should be just above your cost on remaining positions if you are planning to stay with this trade for the possible return to 1.3300.

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

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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.