Euro Closes Above Resistance As Greece Exit Looms: Sign Of Bottom?
Simit Patel | May 17, 2015 12:38AM ET
Personally I'm not trading it, though I do find it interesting that the euro continues to rally amidst talks of Greece defaulting and thus potentially exiting the European Union; rallies amidst bad news, especially if they occur after an extended decline -- which in this case is also present, as the euro has been in a downtrend since 2008 -- can signal a true bottom. This begs the question of whether or not the euro has truly bottomed, and if it will be headed much higher as a result.
I do think if we start to see some reversal candlesticks price may head down, and that a close above 1.15 might give bulls the clearance they need to enter.
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