Backdop: After the ECB announced QE, the EUR/USD fell sharply to 1.11, where it found support last week. It has since been drifting higher. And consolidated mostly between 1.13-1.14 before and after the FOMC statement. The fact that the EUR/USD stayed resilient after a hawkish FOMC should be concern for both euro-bears and us dollar-bulls. Last week’s price action has made 1.13 a key level to break before the market revives the downtrend. Today, price broke above last week’s consolidation range as well as a falling trendline coming down from December 2014’s high at 1.2570. Note that price has also cleared above the 50-period SMA, and