The pair hit an eight-month maximum and I’m experiencing cognitive dissonance now. If earlier this week it was clear that investors are getting rid of protective assets (gold and yen) and it is necessary to open “long” in this currency pair, now it is already scary to buy, and the hand does not rise to open a sale. Meanwhile, the trend against protective assets is still strong: here and there news appears about the successful vaccination of the population or the registration of the next vaccine against COVID-19.

Against this background, the IMF forecasts for the growth of the world economy this year by 5.5% may turn out to be pessimistic, and the indicator may turn out to be close to the 6% mark. Do we need to buy defensive assets in such a situation? That is right, there will be little sense from them. What do we have in the bottom line? It is advisable to wait for a small technical correction, after which this currency pair can be bought with the expectation of continuation of the upward trend.

Investment idea: flat 107.55-108.45.