EUR/USD fell hard on an opening gap on Monday, but bounced hard as rumors of the Greeks and the “Troika” are close to an agreement for the second tranche of the bailout money that the Greeks need. This gave a lift to the Euro overall, and sets us up for a possible “filling of the gap”, as most technical traders know that they tend to be filled. However, we feel that any pop in this pair is a shorting possibility, not a long-term buy and hold type of trade. We are very interested in seeing what it does at the 1.38 level.
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