EUR/USD with a classic breakout
The breakout in the euro has been incredible — a 9-day rally.
The break of the 1.1000/20 range has led to non-stop buying and today has been the best day yet. The bears attempted to sell EUR/USD after the statement and again after Lagarde’s press conference but now the pair is just a few pips away from the earlier high of 1.1362.
There isn’t much now blocking a return to the March high of 1.1495.
More broadly, the dollar and yen are under some fresh pressure as risk trades tick a bit higher.