Bolstered by expectations, and later confirmation, of a relatively fruitful outcome from the meeting of eurozone leaders, EURUSD recovered from heavy USD buying after the earthquake in Japan to close above 1.3900 on Friday.
While the more important EU summit comes at the end of the month, traders seem to have gained some confidence in the single currency again.
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| More Upside for EURUSD? |
I just like being long because I'm still trying to understand why USD is considered a good buy at this stage. Yes, I know, I know, I've heard all the arguments and analysis out there, but hell, I just think otherwise. It's more like choosing between the devil and the deep blue sea, isn't it (and I love the sea). You know what they say about old dogs....
While prepared for a rude shock if it comes back below 1.3700, I'm ready to buy again if it comes close to that level. Currency betting, err..sorry, speculation is such fun..
Later
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