Despite today's downgrades form Moody's the euro recovered after an initial sell off. making recent action more likely to be a CONSOLIDATION of the move up, rather than TOPPING.
Key level, 1.30 (a break below there would change scenario to bearish and at least a retest of the lows at 1.26)
Otherwise, above that level, suggests a continuation of the rally to min 1.35 and possible 1.40 as shown in the chart below. Sentiment is quick to turn bearish, and short positioning still relatively large.
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