Good morning everyone,
Yesterday movements were mainly fundamental-driven. It was due to expectations from traders that something will be decided at tonight’s meeting between France and Germany’s leaders on the pan-European bond issue.
Overall, eurusd still looks bearish to me, one reason is that the whole debt crisis may not be over. We have seen over the years how this whole crisis spread 'contagiously' and I believe ECB will also wants to keep their currency weak.
Therefore, I still favour looking for short and I favour picking a short near 1.4460 with SL 40 pips. Target exit is around 1.4120.
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