Heavy, heavy buying in odd-ball crosses like EUR/AUD and EUR/NOK as well as the big intervention in EUR/CHF this week should help alleviate some fear the market is just too short of EUR to go any lower. The move came fairly late in the week, so it may not show up in the IMM data to be released tomorrow, but the buying should have made a dent. Keep that in mind…
EUR/USD is consolidating around 1.2350.