It’s time for that weekend trip to New York all our readers in Europe have been daydreaming out. EUR/USD closed the week at 1.3802.
The weekly close is set to break the February high to the highest since later October 2011. It’s tough not to be believe in the EUR/USD chart. The market still hates the euro and there has been a beautiful double-bottom at 1.2750 this year. The measured target of that move is 1.40 but there is hardly any resistance up to 1.42 and a test of 1.50 is possible.
The latest numbers showed record stock market flows into Italy and Spain. The economy is muddling along but unless the ECB makes a strong hint at a cut and negative deposit rates, I find it very hard to believe this chart won’t continue higher.
EURUSD weekly
