EUR/USD is closing in on 1.4351, the 76.4% retracement of the 1.4446/1.4045 decline. Strong European PMI data, doubts from Joe Stiglitz on the dollar’s reserve role and a break-out to the topside in oil have given the markets the ammo they need to push for the topside. Steadier Chinese stocks and firm US shares are a bonus, suggesting correction, not collapse.
Above 1.4413 is next chart resistance ahead of 1.4445 resistance and 1.4450 barriers, which are growing in size by the day.
Be nimble, be quick and get the heck out near the top of the old candlesticks ahead of 1.4450!
