EUR/USD looks to be moving through resistance drawn off the early August highs and setting its sights on the 1.2920 highs set over the Labor Day holiday in the US a week ago.
Central banks will likely sell all the way up, particularly the EUR-laden SNB…
The macro picture continues to brighten as risk aversion recedes further. That ability of the market to absorb (and shrug-off) the Hypo Real Estate news over the weekend is telling, in my view.
