The U.S. dollar took flight in today’s session and the euro fell below key support. This is a trade we are not going to fight. The U.S. dollar now looks bullish by just about any metric we can muster.
In the long run, we can think of a lot of reasons not to be long USD but right now, there is no other trade. When the forex market sends a signal like it did today, and the technical align, you have to go with it.
The breakdown in the euro today looks very similar to the other recent consolidations and drops. It would be no surprise to see a fall to 1.32 and likely 1.28.
King dollar is back.