Euro Short-Covering Over. Back to Reality. Target: 1.05

FX:EURUSD   Euro / U.S. Dollar
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Post-FOMC minutes we saw some short-covering that took Euro             up to the top of its prior consolidation zone above 1.0750. Friday saw a dose of reality return to the trade after Draghi reminded traders that he and the rest of the governing council are fully committed to an even weaker Euro             . Draghi understands December's bar is quite high and I believe he is fully prepared to shock and aw beyond the market's expectation. 1.05 is the next level. French, German and EZ PMIs are out overnight and could set the tone for the shortened week, ahead. France, which has been a quiet out-performer in the EZ, could be putting in a local top in manufacturing PMI.
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