A high-profile New York hedge fund that also has an advisory service went so far as to predict the demise of the euro several weeks ago. That said, they now see a move up for the next few months but do not expect rebounds to breach 1.3000. Seems as though they are not alone in their view, judging by the price action today. They key on the 1.2550 area as taking a good bit of steam out of the near-term bearish case for the euro, for what it is worth.
EUR/USD is seeing a bit of profit-taking at the moment, easing back to the 1.2350s. A quick punt on the long side with a stops below the 1.2310 level looks tasty for a bounce toward 1.2415. If 1.2415 breaks, trail up a stop and look for a run at the hourly downtrend, now at 1.2445.
