With a little help from the ECB

The ECB is slated to drop its reference to downside risks, according to a report from Reuters. That kicked off the latest 30 pips rally in EUR/USD. It has been testing the weekly highs for the past hour and there was no action at the London fix.

In general, if something doesn't back away from a level, it's usually only a matter of time until it breaks.

The bigger moves are on the crosses, especially EUR/JPY. The pair is up 175 pips today and at the best levels since March 20. yesterday's high of 120.90 gave way in the latest push as it took out 121.00.

The March high was 122.89.