Or a bear, as the case may be.
Perhaps the world’s foremost Euro-skeptic market observer, Ambrose Evans-Pritchard (a ForexLive fav), has put out a rare bullish piece on the euro, suggesting the stars are aligning for the Draghi plan to force Spanish and Italian yileds lower. The German government and their member of the ECB managing board look to be in favor, leaving the Bundesbank as the only holdout.
The trick in the next few weeks will be in convincing the Bundesbank that the required reforms in return for the open-market intervention are sufficient.
EUR/USD trades at session highs on high volume (for a change) as the market is shaken from its complacency. 1.2444 is the next technical hurdle (61.85 of 1.2639/1.2042), followed by barriers at 1.2450.
