EUR/USD is shooting higher as shorts scramble for cover after the Spanish government announced fresh steps aimed at austerity but also in spurring growth. Chief among these are fresh wage concessions from Spanish unions as well as a cut in the VAT on new home purchases.
Also making the rounds are rumors of an emergency Fed meeting.
1.4420 is next resistance, the 61.8% retracement of the 1.4518/1.4260 decline.
