The move back above the 1.4900 level takes the downside out of play for the near-term and suggests a continuation of the EUR/USD uptrend. Selling weakness has been a losing strategy for many months now and though it will work out one day, today is not likely the day.
Oil has recouped big early losses, now back in positive territory at $77.10; The S&P is up 0.9% and gold is at session highs of $1117.
Risk is back on, for now. Keep an eye on the S&P, which needs to build a base above the 1100 level if the rally is to continue. We trade now at 1096.50.
