Despite the re-emergence of Sovereign debt woes, the EUR/USD continues to find buying interest on dips from Sovereign names although the amounts are fairly small by all accounts. There is strong technical resistance at 1.4280 and traders will feel relatively comfortable shorting below that level.
The crosses are looking a bit heavier with both EUR/GBP and EUR/AUD making decent downmoves in the last 24 hours. EUR/GBP has confirmed a long-term bearish trendline near .8760 and EUR/AUD is unwinding some heavily overbought short-term indicators.
