Rather I should say, too much of positivity. It was relentless up move of about 25 cents based on hope of upcoming positivity in Euro zone. Humans are optimistic creatures in most part. But as I say, markets hardly dwell into the realm of reality. Over/Under-shooting is the only way markets like to oscillate.
As 1.25 was too much to ask for the given circumstances. There might be a situation of reversal around / below 1.15 in the same way. In current scenario of flux, one should trade each day based on the price action without being fixated at long-term growth and inflations stories.
Even though, it looks like, EUR/USD has room to go down couple of cents quickly, my today’s quick trade is long EUR/USD. Because I thought it will not give up 1.18 handle quickly in wee hrs. Thought to get out of it when London joins in and push it down again, but seems like they have different intentions today !