Still nothing from Merkel-Sarkozy-Papandreou. The bounce in EUR/USD has been solid and steady with a series of lower lows higher lows. It looks like it will continue higher. The point of resistance is around the intraday high of 1.3748. It’s also the 38.2% retracement of the fall from Sept. 7. I’m not crazy about that as an important resistance level because it only captures a small portion of the swoon in EUR/USD since the beginning of the month.
