Very important retracement line cross/rejection

May 31, 2015

Still biased short due to Greek and Eurozone uncertainty. Will be closely observing whether we break the overlapping 38% fib retracement lines or we get a rejection. I am expecting a rejection due to the somewhat recent start of the bearish continuation of the Euro trend. However, if price breaks above expect to see it reach the 61.8% fib level before possibly going back down again. I am still unsure as to whether we are retracing a bullish move from April or resuming the strong bearish move that started last week.

Goodluck this week everyone!