I don’t think it will stay there early next week, though. Friday’s move was a little overextended and one-sided, even after positive US news. But thats normal on fridays, once a direction is established during London, it mostly goes in the same direction for the rest of the day. Now on monday we should get some correction, so bulls can gain some power again. The question is, if its going to be a small correction only or if its going to be bigger and will last longer. Long term, euro is now bullish, no question about that, but on a weekly basis, it will go both up and down. I see 2 options…first is a correction towards 740-790 and new longs from there or a deeper correction to re-test the previous FED levels at 550-590. Either way bears should get some relief, if bulls don’t manage to stay above 900 early next week. We have FED minutes on tuesday, not wednesday, as most of the time. so that will give us a clue. It never makes a big move, but it mostly decides a direction for the rest of the week, so whatever direction there will be after FED on wednesday, should stay until the end of the week.
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