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The last three days have seen 150 pips added to EUR/USD, as the price leaves the 100-day moving average behind and break through the 50-DMA.
Last night the markets were given the opportunity to read through the minutes of the recent Federal Open Market Committee meeting, and as expected (courtesy of numerous hints from Charles Plosser et el) we saw them maintain their dovish stance.
As David Madden mentioned yesterday, the trend is still very much in place and a fresh effort to tackle the $1.39 looks likely before the end of the week.
The FOMC has begun to distance itself from using the unemployment level as one of its barometers for instigating change. Today’s US unemployment change figures take on a little less relevance than before.
Recent developments have done nothing to change our stance as far as EUR/USD is concerned. The $1.37 level has proven to be a very stable platform from which to launch its next move higher. It will be interesting to see if a breach of the $1.39 level will merely be a staging post for fresh attacks on the $1.3970 year highs or cause for further reflection.