The market is a bit more nervous than it has been in the last few sessions, quicker to book profits once topside momentum stalls. The old saying is that markets are most volatile at tops and bottoms, so perhaps we’re in the process of putting in a near-term top. As I said earlier, the fundamentals look so good for a continued dollar fall predicated on the reflation trade that something invariably must go wrong…
EUR/USD is back to the 2.4150 area where sovereign demand was noted on the last pullback. Small trailing stops are seen around 1.4140. Bids return toward 1.4105/10.
