EUR/USD dealt to an intra-day high of 1.3705, 5 points shy of our first offer, before retreating 15 points lower at the New York close. For now, I canceling the offers at 10 and 20 and offering only a one-third of a full-sized position at 1.3730. .786 retracement and summer uptrend support-turned-resistance fall in here, so I would like to dial in our entry zone a little here. But more importantly, today's 5-wave move from the 1.3607 was in 5-waves, which suggests the broader uptrend could still be healthy. Lastly and least importantly, tomorrow is the last day of the month and I would like to protect our month's profits a bit.



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

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