Well that’s bloody typical of course after I took intraday shorts at 1.2220 and 1.2239.
The euro swissy has stopped just short of the previous highest high in March at 1.2266 and is battling strong resistance in the 1.2260/70 area. On the way up we’ve taken out the 100 & 55 dma’s and the 50 fib level at 1.2258.
If we can maintain a close up at these levels then we can look to further moves higher. Previous old highs and the 61.8 fib come in at 1.2289 & 1.2291 respectively and there may well be strong offers at 1.2300
I see no valid reasons for the move but would suggest that it’s a front run to the possibility of a drive to reign in austerity in favour of attempts to boost growth