EUR/USD soars sharply as markets are heading into US session. While some might point to sluggishness in USD/JPY as argue that risk appetite is not but. But they missed the point that USD/JPY is usually not the best pair that correlates with risk sentiment. Just like today, JPY and USD are the two weakest ones.
Back to EUR/USD, the break of 1.2344 minor resistance now invalidate the case of medium tem reversal in the pair. It’s too early to judge whether rise from 1.2214 is resuming the larger up trend or it’s another leg in the sideway pattern from 1.2555. But in either case, further rise should be seen back to 1.2475 and above in near term.
