Any time a central bank cuts rates and the currency screams higher, you have to perk up.

If we can get a close today above 1.0489, the setup would look very good for a test of 1.06 or higher.

It may be a tough hill to climb unless broader risk appetite gets a second wind. Offers are seen into $1.0489/90 and there is a 1.0500 barrier. Above that there are rumored stops.