EUR/USD has come some profit-taking pressure during New York trade for the first time since the QE announcement in the last hour or so. Given the almost vertical takeoff, it was just a matter of time…
1.3360 is minor support on pullbacks near-term. The BIS was a buyer there last time we were down there. Expect a few trailing stops to be clustered below that level. 1.3265 is further support with much better support in the 1.3150/60 region.
The trouble with huge rallies is that supports are few and far between on the pullbacks, making them harrowing for the longs as profits melt away…
EUR/USD trades now at 1.3372.
