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EUR/USD 1.1500 or Bust?
The euro has been a teflon currency of late, ignoring interest rate differentials, ignoring growth differentials and ignoring monetary policy divergence as it continues to climb inexorably towards the 1.1500 figure.
Even today’s NFP could not really shake the uptrend as the pair recovered from a pretty shallow selloff to retake the 1.1400 handle. The next few hundred pips however may be much tougher going. The pair now approaches the key 1.15-1.17 corridor which served as support in 2014 and is now likely to become stiff resistance.
With fundamentals clearly stacked against the euro, smart longs maybe lining up to take their profits soon. But for now momentum remains on its side and 1.1500 is clearly in view as wrong footed shorts continue to get squeezed.