After a very quiet week least week we’ve taken on a more directional tone, breaking above recent range tops at 1.3290/95, taking out 1.3300 and 1.3315 barriers. Bernanke’s concerns that the economy will not grow fast enough to continue to contract the unemployment rate helped give the dollar a fresh thrashing.
Looks to me as though 1.3360/65 will be an important resistance area but that stale shorts may throw in the towel if we get much above there.
What can’t go down, often goes up…
1.3290 is support on dips near-term.
