Is the Euro Rally Over?

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Ever since July 23rd, the Euro has zoomed over 6% higher based on, from what I can tell, little more than encouraging words and pledges from European leadership.

The massive head and shoulders pattern is still firmly in place, and with today's "QE3 is absolutely coming" rally, it seems we may be approaching an exhaustion point for this move. I am still trading lightly, retreating to a full 70% cash position as of this writing. Next Thursday, the smoke will finally clear and I think we can all trade a lot more freely.

 

0907-EURO

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