We continue to like the path to be HIGHER, but understand FX is not a market of straight lines.

CPI this week is very important, regardless, we feel that the PIVOT se saw from the ECB is a material event. To ignite a stronger EUR rally, we need to break some TECHNICAL LEVELS, and 1.1485 is a significant short-term spot. If we see that break materially to the upside, and 1.1520 get paid, we will probably see the flow we need to achieve our ultimate goal of 1.1690-1.1700

for now, there seems to be a bit of a double-top here that the market will have to sort out, in the short term.