It looks like the dollar selling may has run its course for the day but now there is some jockeying for position in the crosses. EUR/GBP is under pressure as Cable sits near session highs at 1.6330 but EUR/USD trades a penny below its top. My guess is during the dollar slide dealers who were getting paid in cable (having it bought from them by customers) covered in EUR/USD where there was greater liquidity. Now they may be trying to unwind the resulting cross positions. Alternatively, it may just be outright EUR/GBP supply as the late London fixing draws near at 16:00 GMT.
1.2845 is important support for EUR/USD on dips.
