Analysts losing faith in short-euro trades
Barclays isn't exactly turning bullish on the euro but they're losing faith in the downside. Forecasters there now see 1.03 as the low in EUR/USD this year compared to 0.99 previously.
Analyst changes like this often start like a trickle and it don't be until it's glaringly obvious that the bottom was in long ago. It will be something like EUR/USD at 1.15 before the last of them throw in the towel. Of course, that's when there will be a top.
For the short term, the euro is behaving fairly well. It's run into resistance at the February high but the rejection has been very soft and that suggests it's only a matter of time.
