At the beginning of the European session yesterday, it looked as if the EUR was headed to zero such was the negative sentiment surrounding it; yet this morning the EUR has made quite an amazing recovery especially on the crosses with EUR/CHF, EUR/GBP, EUR/AUD and EUR/JPY back at or above yesterday’s levels during Asian trade. Not everybody believes in the demise of the single currency just yet.
I’m still very wary of being long EUR but if I was forced to buy a single pair, then I’d buy EUR/AUD, purely from a technical risk/reward standpoint.
