The sharp moves higher which we saw start on Wednesday last week are being consolidated in typical Monday morning action. The danger would still seem to be for some more short-covering and the short-term charts are showing no signs of any topping formation. On the crosses, EUR/CHF, EUR/JPY and EUR/GBP have all undone their ‘oversold’ readings on most medium-term momentum indicators but EUR/AUD has posted a double-bottom and looks technically bullish.