EURUSD taken all the way to “perfect” resistance ahead of the 3-year LTRO result, which saw nearly half a trillion Euros of take-up. And yet EURUSD faded sharply as EU sovereign spreads widened rather than tightening. Whoops… Market expectations for today’s 3-year LTRO from the ECB were running in the EUR 350 billion range, so the EUR 489 billion take-up was far larger than expected and ahead of the auction, as we discussed in recent days’ commentary, would have been expected to be a bit risk- and Euro-positive. But apparently so many expectations were built into a strong number and risk had already rallied so ... (full story)