EUR/USD is consolidating gains after having broken out to the topside overnight as President Obama showed that he is the lone hold out for tax hikes to close the US deficit as both House Republicans and Senate Democrats have signed onto plans which include no new taxes. Broken downtrend support is now at 1.4450.
EUR/USD rallied a few pips above the 61.8% retracement of the 1.4940/1.3837 decline which is at 1.4519. That area should cap rallies near-term, though a top-side bias remains so long as the US debt debacle continues to play out.
