...backs off quickly
The EURUSD did base ahead of the 1.1265-69 level (see prior post), and that helped to propel the pair to new highs. The pair also made a new post election high up to 113.04 -taking out the 1.1300 level.
However, instead of seeing more buying, we have seen a rotation back lower. We have traded back toward 1.1282 area.
Honestly, I expected the break of the 1.1300 level to lead to more buying, but the market had different ideas. The market may be looking ahead to Yellen and hedging bets against her comments. The 1.1300 level remains a "nut to crack"....again.
