Well relatively. EURGBP and EURJPY helps...
The EURUSD is trading above the next target at the 1.1331 level (high for September) with the next target being the August 27 high at 1.13629. The 50% of the move down from the August 24 high comes in at 1.13989. That needless to say is a stretch but represents a key target level on the upside should the bullish bias keep running. Watch down to 1.1319 for support on dips. A move below that level would call off the intraday bulls.
The EURGBP is a catalyst for the covering as it too surges to the upside. That pair has the high from September 6 at 0.7356 and trend line resistance line at 0.7358 as targets. The 61.8% retracement of the move down from the August 24 high to the September 9 low comes in at 0.73515. By the way, the GBPUSD is not on fire. All the action from the move is in the EURUSD.
As Ryan point out, EURJPY is surging as well. The EURJPY is moving away from the 100 and 200 day MA.
