The FX market is always looking for important levels or pivot points and a big big figure is of course a natural one. Comments over the weekend from Jean-Claude Juncker, the Luxembourg PM who also chairs the EU FinMin panel, that he would not be happy with a EUR/USD at 1.4000 will only serve to increase the importance of this level in the eyes of the market.
I’m not sure that these comments should be given a whole lot of importance but with China seen selling above and the uptrend already having run a long way, bulls might be tempted to book some profits and have another look.
