EUR/USD is back up at 1.4840 after another false break below 1.4800 and it feels like the bears could well be slowly bored into submission. Every time it looks like there’s going to be a big move lower, something happens to have the shorts running for cover. This time it’s the Moody’s reassessment of UK and US debt ratings which has seen both EUR/USD and EUR/GBP in particular, go for a run higher. Solid resistance in the EUR/USD at 1.4900 and particularly at 1.4990, my preferred entry level.