AUTOREFRESH 
EUR/USD catches a ride on cable’s coattails
By Gerry Davies || June 30, 2009 at 06:36 GMT
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EUR/USD has been lifted by the sharp rally in cable, presently at 1.4135. Risk sentiment is in good shape and this is lending the pairing good support. Also talk of month, quarter, year end dollar sales lined up for todays fixings is underpinning.
Next tecnhnical resistance now comes at 1.4150/55.
yen crosses have just dropped fast and hard, no idea why. seems to be dragging eu and gu down a bit with them
cable is the trigger in this market. eur/usd is following cable to a fair extent., thus yen crosses are triggering off cable. while we’ve seen a decent pop there is still going to be some caution ahead of the 08:30 UK GDP Q-1 final release which is widely expected to be revised down and will lead to some bouts of profit taking on cable/sterling cross longs. .
just went long on gj, big fat down bar on 5min from 159.66 to 159.23 but on relatively low volume. now a large up bar on double the bolume of the down bar, but the bar is half the size of the down bar. in other words, seems to be much more conviction now on this up move than there was on the last little down move.