Wow..that was a quick and strong reversal! Apparently this spike up to 1.3980 was attributed to Asian Reserve Managers again and sincerely, looking at the way it traded I think it is correct.
Having a little bit more time now, the USD rise overnight was attributed to Geitner's comments in the WSJ
"he suggested that he sees no need for the dollar to sink further against the euro and the yen, saying these major currencies are "roughly in alignment" now".
What to expect now? It seems more to me that the market will try the upside, since it seems the weak side at the moment.
For the braves, I would try to buy EURUSD @ 1.3935-55 target 1.4030 with a SL below 1.3890.
Again, flexibility is very important.
Good luck
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