The euro rises above 1.10 for the first time since January 1

Here is the whole story in the euro right now: Everyone is short the euro and now everyone is covering in a huge delveraging event.

Yes, there’s the story about rate differentials but everything is mechanical at the moment and there is a massive amount of money that’s left Europe for US tech stocks or other USD-denominated assets.

Technically, I see an inverted head-and-shoulders here that targets 1.12-1.13.

This article was written by Adam Button at www.forexlive.com.