Traders note a developing head and shoulders pattern on the hourly charts in EUR/USD but so far prices are holding above the neckline around the 1.3460s level. (see chart below). Central bank bids have been rumored on dips to that level in recent sessions.
The dollar is getting double-barreled support from Friday’s payroll report as well as news that the US Treasury has postponed the April 15 currency report. This is seen as an accommodation to China to give it a chance to take action to strengthen the currency on its own.
