Nobody seems able to tell me why this latest pop has happened so I’m guessing that stop-loss buy orders outweighed the sell orders. The high so far has been 1.4327. The overnight reports that I’ve read suggested that the selling interest was quite substantial near this level.
That said, the technical picture looks reasonably bullish and if we can get a few hourly closes above 1.4320 then we should get a test of recent highs at 1.4440.
Edit: Just hearing that real money funds were selling above 1.4320 after heavy stops were triggered above 1.4315.
