Apple earnings were outstanding but the market is selling on the news anyway. That, combined with the most forceful defense of the dollar to date from Geithner has prompted a shape pullback in EUR/USD to 1.3930. The market had taken Geithner’s silence on the topic as a green light to sell the dollar; now there is at least a flashing yellow…
Looks like we failed at the 50% retracement of the 1.4160/1.3830 decline, turning the pressure back on the euro after a North American respite today.
