Feeling good about taking on the Chinese and winning in EUR/USD today (China was a very steady seller of EUR/USD earlier today in the 1.4070/1.4100 area) ? Before you get too giddy, hearken back to a week ago when we wrote on at least four separate occasions that China was a steady seller of USD/CAD between 1.16 and 1.17. They looked less than prescient for a time as prices pushed above 1.17 to 1.1724. Here we are, less than a week later, and USD/CAD is on a 1.11 handle. A battle may have been one today but it is way to early to declare victory in the war. EUR/USD is consolidating gains at 1.4115 after stalling at trendline resistance at 1.4135.