After clearing 1.42-1.4220 area, the EUR/USD is now surging ahead of the EU summit. This shows a very strong optimism for some kind of resolution to the debt crisis, which Angela Merkel has been warning against. - Nonetheless the price action shows that bulls are in charge. A rally towards 1.4450 was anticipated as a swing projection. Note that this is a pivot and a declining channel resistance seen in the daily chart. - Also note that this is a completed Gartley pattern setting up for at least some short-term correction against the bull rush. - The summit should be over today and the reactions can be monitored ... (full story)