AUTOREFRESH 
EUR/USD unable to surmount 1.4150
By Jamie Coleman || July 16, 2009 at 19:26 GMT
|| 1 comment || Add comment
EUR/USD had a zippy little rally as the reflation trade sparked back into flame this afternoon but EUR/USD was unable to overcome the 1.4150 level on its latest push We’ve drifted back to the high 1.4130s on profit-taking.
Look for more 1.41/1.4150 overnight as the market awaits earnings from two of the more vulnerable banks, Citi and BofA. Goldman and JPM hit the ball out of the park last quarter. It remains to be seen if the two banks with the heaviest government involvement will be able to follow suit.
Euro has been in this 3850-3900 – 4100-4150 range for a couple of weeks now. By now many are used to trading this range, so many now are euro short – but I think this is just about to explode to the upside – esp. if it’s able to go and stay above 4150. Then next stop 42 and the shorts will squeez it further higher.