Setting a Trap for the European Invasion

The Euro has quickly given back its recent upside breakout, from the highlighted pennant on the FXE, ETF for the Euro against a basket of currencies, seen below on the daily chart. 

I am looking to see if the Euro/Dollar cross follows suit, falling back inside the pennant on its own chart. 

If so, the post-FOMC Minutes squeeze we saw earlier this month in the Euro will have proven to be nothing more than a vicious shake of Euro bears before the Euro falls below parity versus the Dollar. 

EUO is an ultra-short Euro ETF worth watching if the reversal down holds.