DislikedYou've got an interesting view on this rally. Mine although is based on speculation not on logic. The last drop to 1.18 was after the NFP which came out good since the temporary hiring for population count. Big players realized that this is not a sign of recovery of the job market but just a temporary situation, so they killed all the stops of the speculators trying to pick the bottom and then positioned for the rally upward.
Market behaves most of the time illogically , because that's how market makers make the most money. Today is an example....Ignored
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