As per my earlier post a few days ago, the recent EURUSD decline has been rallying since finding support around the 1.215 mark. Price is currently testing the 61.8% level off of the 1.255 high. At this point only two events really matter, either the EUR takes out the 1.255 high, or the recent USD rally continues its (rather slow) progress, forcing the EURUSD below 1.215. Below this level, I'm short with an initial target @1.20 However trader sentiment is SHORT on net, which indicates that EURUSD might be headed higher.
