We’ve been bid all morning and we’re now testing the 1.3950 level. We managed a pip above on the 6th and this is a stronger area than the March high at 1.3967, which was also the Feb 2012 resistance line.
EUR/USD daily chart 08 05 2014
If Draghi manages to sink the euro verbally I’ll be looking at the 100 and 200 dma’s as stretch points for any moves. If there’s any action then I’ll be looking to the 55 and 200 weekly ma’s and July 2012 support line to load up more longs.
EUR/USD weekly chart 08 05 2014
If 1.40 does go then we could be seeing 1.41 very quickly as long term shorts throw in the towel. After 1.4248 that we’ve got clear skies to 1.45.
EUR/USD weekly chart 08 05 2014
