Risk on? Could be , as the move coincides with a strong rally on Wall Street. Laszlo Birinyi, a well-known money manager, was just on CNBC forecasting a mega-rally like the stock market saw in 1974, 1982 and 2002. His target is S&P 2850 (now 1287) in 2013.
We tested resistance at 1.3697, the low from Oct 21. A barrier is rumored at 1.3700.
UPDATE: 1.3700 finally gives way…1.3735 is next resistance…