ECB announced €600 billion worth of bond buybacks, and the Euro tried to break out during the trading session on Thursday. While normally bad for a currency, the initial reaction was very bullish. Since then, the markets have calmed down a bit and it looks as if the 1.1250 level is going to continue to offer a bit of a barrier. With that in mind, I do think that if we break down below the lows of the Thursday session, we can begin the correction that is so desperately needed in this market.
At this point, only fools are buying after a move like this. Yes, it can extend it but that only adds more fuel to the fire when we pullback. If you wanted to get long of this market, you need to do it after a significant pullback so that we can gain the necessary momentum to do that.
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