EUR/USD has fallen back to 1.4310 at writing. Earlier the pairing rallied to a session high 1.4349 in the wake of the better than expected Ifo survey data. Sheesh, we didn’t even manage to get over 1.4350, such is the anticipation now of renewed China selling.
Did they step into the market? Who knows?. I don’t. Do I care? No. I’m sure they’ll be plenty of people saying they were up there pounding into the rally.
At the end of the day it’s all become totally self-fullfilling now. If I were a euro bull with a long EUR/USD position I’d be starting to worrry a little. We’ve been having some pretty good numbers around the globe and still a move above 1.4400 seems a tough call.
The growing danger ofcourse, is that we might start getting some bad news. Now there’s a thought. Obviously a September hiccup in global stockmarkets is very much on people’s minds.
Back with EUR/USD, trailing support now at 1.4300/05.
