EUR/USD has risen over 6% without fuelling a great deal of speculation, and that's impressive.
It is the basis of a more sustainable rally that's not susceptible to swings in sentiment, and that's been proved by the very small retreat from the 2020 highs during yesterday's stock-market sell-off nL1N2DP0B0.
Precisely what has driven the rally is unclear but it's not speculators.
There are two prime suspects.
The Swiss National Bank has been active and there's a huge amount of dollar liquidity waiting for reinvestment.
Clear knowledge of what's driving the rally is actually not required.
The move speaks for itself.
EUR/USD has risen over big tech levels and the peaks of prior well-trodden ranges.
There's far less option cover above 1.1500, suggesting companies are poorly hedged for a bigger rise.
Speculators have been quiet but won't stay sidelined.
Volatility has picked up.
That means there will be more chances to make money, some of which will be gambled backing this rally.