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Forex Players: Wondering why the Euro rallied recently?

If you're wondering why the euro is rallying recently, here's your answer: short covering

http://uk.reuters.com/article/2012/0...8D849820120208

People who were expecting to ride down the EU had to cover due to the recent glimmers of hope regarding a short-term resolution

Quote:

"There has been a propensity by the market in general to
look at the Greek scenario with a glass-half-full approach,
irrespective of the deadlines Greece has missed," said Jane
Foley, senior currency analyst at Rabobank.

"I think positioning has a significant part to play.
Although shorts are off their record levels, they are still
really extreme and people do not want to get caught in a rally."

Not just the Euro.

The big players are manipulating the hell out of the $$ markets right now.

And im not talking about people using forex.

The euro is in a multi-year downtrend. Downward is the primary trend. Rallies upward are secondary trends. Euro zone has tons of problems. The euro/dollar will eventually see $1.20.