The recent break above resistance was hardly staggering in its power and traders will want to remain cautious that this could simply be a headfake and the level of 1.2780 may provide further resistance.
"It was a great headfake for Thain to set up this committee when he had the Archipelago deal in his back pocket, " says Seth Merrin , chief executive of Liquidnet, a privately held electronic marketplace for institutional traders and an NYSE rival.