What a difference a day makes eh ?
On Friday you could buy all the euros you wanted and still see it go down and now, after a morning of better data, we're seeing some decent euro demand take those pairs higher again
Ryan is posting on EURUSD but I just want to highlight my old fave EURGBP which once again is coming off the ropes after 0.7239 Asian lows and is looking to test 0.7300 and Friday's high of 0.7295 after the BUBA related buying
There's good offers into the level and already we're seeing 0.7286 again after 0.7292 highs so we have to respect it. A break above though should trigger a few stops to accelerate further moves
But these markets are ever fickle and we can't get excited until levels like 0.7300 are broken. Witness the previous similar pattern into 0.7350 recently, when a couple of failed attempts sent the pair tumbling lower again. Bids/good support now seen into 0.7250
Definitely one to keep an eye on though if we are seeing the remotest sea-change in euro sentiment
The EURGBP demand is once again capping GBPUSD rallies so we're seeing a little correlation back between those pairs too, as indeed we saw on Friday when cable was driven down to 1.5380 support as EURGBP posted 0.7295
