Can’t get analysis like that just anywhere…
EUR/USD has been working through orders from or Russian and Middle Eastern friends who’ve been been loading up on the long-side in the last several days.
It has taken a while but the market has come to the conclusion that the ECB’s LTRO program has papered-over the debt and banking crisis for a while. If they can just get Greece sorted out for another quarter or so, we could be in for a further rebound.
Downtrend resistance was taken out this morning on the rally and a close above 1.2925 would be a bullish sign.
1.2945 is next resistance of note.
