Here with go with the beginning of what should be a very interesting week. We are awaiting interest rate announcements from the RBNZ, RBA, ECB, and BOE. Further, US data scheduled to be released includes Factory Orders, ISM Non-Mfg, and International Trade. We will pick up right where we left off after EUR/USD's dramatic rejection of 1.3400 post-May Employment numbers.

For tonight, I am long a half position of EUR/USD at current levels of 1.3445 with stops around 1.3430, anticipating a downtrend line break that comes in at around 1.3455. I have an alert setup for 1.3475, at which time, I am looking to place another limit to buy the other half of the position on a re-test of the broken trendline resistance, now turned resistance, at 1.3455. If done, I will move the stop for everything to around 1.3440 and book profits on two-thirds of the position at the .786 retracement at 1.3490 on a sell limit of 1.3485.



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

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