Difficult to maintain bearish beliefs on the euro while central banks will intervene massively to restore confidence in financial markets.
The ECB has announced a purchase plan of bonds of countries in difficulty on the secondary market. These countries must previously request the assistance of the European fund whose future ESM has been ratified by the German Constitutional Court.

Despite U.S. indices propelled towards highs not seen since late 2007, the Federal Reserve announced it would buy $ 40 billion mortgage-backed securities per month. Unlike the first two operations of quantitative easing, the institution has even indicated that it will continue these injections of liquidity as "the perspective of the labor market has not improved significantly." It also plans to keep interest rates near zero until mid-2015, against the end of 2014 promised earlier.

Even if structural problems concerning global economy are still far from being resolved, the confidence of investors on risky assets could lead the continuation of bullish trend.

Graphically the Euro is in contact with 50-week moving average. The break out of USD 1.3076 threshold should put definitively aside the bearish trend started in spring 2011 and give us a new target at USD 1.3445.