The converging trend lines did their job then
That was on the 1.2210/30 level where I went long at 1.2230. Without a retest of the 1.2160 area (38.2 fibo of the Nov-Jan rally) and Euro is marching on.
We just broke successively through 23.6% at 1.2307 and the 20 DMA at 1.2338/39 .Since I only had one leg done , I will let this exercise run a bit for now.
It feels like this rally may extend now.Risk, see JPY for other reasons as per our last night and morning updates, is mixed with EURCHF back up and EURO, being a low yielder, tends to benefit when yields feel a little depressed like they are this morning.
I’ve put my stop to 1.2290 just below the fib and psychologic 1.2300( to guarantee profit) which capped the previous days,will reassess if done or around 1.2390.