This March 2016 contract stopped just shy of 1930 before it turned up and roared. Sure, it can all be a temporary short trap being played out, but I am betting there is more to it than meets the eye. Investors and traders love to follow the crowd which usually traps them and then they have to panic to get out or worse, even switch positions.
When all the stops get hit it instantly turns bears into bulls as all the buy stops get triggered. The last part of this decline looked like a diagonal, which is always a good sign of an impending reversal as well. Even if it is another fake run with limited upside potential, I hope this bottom will hold for the rest of the week.
There are only 4 months that get traded so when this one stops, then the next busiest month would be June 2016. Using a specific month flows much better with the Forex unit as the cash unit does not move during the night.