Euro hawkishness

With €/$ breaking above 3860's and rising LONG positioning coming out of COT report we might see 1.41 to be tested in a short term future. That said, we should be aware of crazy and sometimes unclear price action and be prepared for minor retracements. The trend is still UP and with all hawkish statements coming out of Trichet mouth it is possible that we might see more higher highs and higher lows. After the open I would expect some sort of retracement, ideally retest of 3850's before attacking the 1.40level. For months ahead there is a nice calendar from Barry: