As we know there is very solid technical resistance at 1.3085, which is the neckline for a possible double-top formation. This level also proved to be the high last week. On the downside, large buying interest from reserve and asset managers proved impossible to fill when we last visited near 1.2800 and I’m now hearing that some of this buying interest has moved up and is starting at 1.2915. Looks like we are in for an extended period of ever tightening range-trading.
