Boring Monday...

A new day of the starting week seems boring to me. When the market was back on trading yesterday Sunday 2.30 pm EST, it reacted as it was expected, with the continuous rise of EUR/USD. During the Asian & London session, it was very EUR/USD supportive with the Euro-zone & German PMI reported good and the prices being pushed to break 1.28. The goal seem so near yet so far at 5 am EST where the day high is created at 1.2782. At 6 am EST, 3 hours prior the New York opening, the EUR/USD seems to go for a big dip with almost of 100 pips to a low of 1.2692, with continuous drop of prices, this retracement has created oppurtunities for traders that missed the Friday rush to make their entry before the EUR/USD resume their rally again. I would expect the EUR/USD to reach 1.28 by the end of the week along with Bernanke's comment of the rate hike pause. In 2 weeks time, the EUR/USD will eventually reach 1.30. However, it was noticed that 1.29 served as a strong resistance for EUR/USD. So, it's to be wary that a breakout or a reversal might be seen near the area. I don't see reversal signs at the moment but if a reversal is seen, I would pick a strong point to make entry in the USD/CHF with my series of 50 pips as the reverse trend takes place.

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Existing Trades
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Long EUR/USD @ 1.2610

Long EUR/USD @ 1.2760

Long USD/CHF @ 1.2380

The current trades for EUR/USD is still in profit if I decide to close my trades now, which I wouldn't do so unless a clear reversal sign is given. So let's hope for a better day tomorrow... *prays to Forex God*