EUR/USD under pressure
The euro is cementing its reputation as the funder of choice so far this year and today's price action hammers home the point. It's down 35 pips to 1.1102 and only the 55-dma just under the figure is supporting it.
I also spy a head-and-shoulders top in the par with a neckline that's in play today. A break would target a fall back to the November low at 1.0980.
I think it's all about the economic data and the US equity market for the dollar trade. The euro isn't going anywhere with the bogged-down economy in Europe but the US could go either way. Today's housing starts number was promising but U Mich sentiment is later.
