Rises to highest since Jan 20
The euro is trading at a two week high but it must still crawl over a few levels to inspire a continued rally. Recent gains up to these levels have been sold hard. I suspect macro funds are selling the pair ahead of the March ECB and expected easing.
The gains came after the comments from Dudley but I just don't think there's enough there to sustain a bid. Even as I'm writing, it's beginning to fade.
The Jan high was 1.0985 and the late-Dec high was 1.0992. That's followed by resistance at 1.1000 and the post Draghi high at 1.1060.
