In the short term Rogue thinks the Euro rally could fail here and make a new low at 1.30. Same goes for DXY (US Dollar Index) on the other side of the trade. In the long term Rogue thinks the US Dollar Index is headed lower and mentions the 200 week moving average. "The DXY is right at a downward sloping 200 week moving average". I charted out the 200WMA and trends below. This video comes courtesy of Tech Ticker.
On the floor of the CME Mr. Top Step on OptionMONSTER TV said he's selling the rally and mentions enormous short positions on the Euro.
I've been watching the EUR/USD since 1.39 (DVtv video of technicals) and the US Dollar/$UUP when institutions were loading up in December, 2009 for the Dubai bottom. You can see the 200WMA clearly on DXY as well as the symmetrical triangle inflection point. 1.36 support needs to get taken out to see 1.30. Which would test the April/May 2009 channel low. It could test near term downtrend resistance. We shall see φίλοι.
DXY (US Dollar Index) Weekly Chart (Courtesy of FreeStockCharts.com)