Look to the crosses for indication of next EUR/USD move
EUR/JPY has been relatively stable in recent weeks which in my view is a sign that it is set for further falls. Any pair that consolidates and starts to feel comfortable close to its lows is surely headed lower eventually. Nevertheless, we are presently sitting close to the middle of the 107/114 consolidation range so we’re not going to get many clues here just yet.
EUR/GBP is attempting to reject the break below .8200 and the strong bounce back would be confirmed by a break above .8400. Play the edges of this .82/.84 range and look for breaks either side to confirm the next EUR/USD move.
EUR/CHF is in a strong downtrend and whilst there will always be traders like myself trying to pick the bottom, the trend remains bearish (albeit prone to sharp short-covering rallies).