Euro
Rally in euro since the low of February 7 may be running out of steam. Sentiment has come to doubt the resurgent dollar story that became popular earlier in the year.
A pattern (first from yesterday:
Then updated this morning:
Look for topping pattern at the 1.4894 level.
UPDATE-FEBRUARY 27, 2008, 9:30 AM EST
There was--quite obviously--no topping pattern at 1.4894. Market blew through that level without any real resistance being shown.
It seems that John Percival's remark that the dollar is the new carry funder is proving true. Risk acceptance back, stocks up, commodities up and the dollar sold by all. Six months to a year ago it would have been "the yen sold by all."