Despite a stronger CAD, stronger GBP, and a higher USD/JPY encouraging short covering of the JPY crosses, EUR/USD still managed to fall 40 pips from yesterdays open. This is not a very encouraging sign for those trying to pick a bottom but I nevertheless sense that we are close to a watershed moment for the EUR/USD and that the next big move is soon to reveal itself.
CAD/JPY was the big mover overnight, jumping from 91.25 yesterday morning to 93.30 this morning, a tidy 2.2% jump. Anyone who was long overnight wins the Guru of Day award.
Good luck today.
