EUR crosses/FXWW News

EUR: Short-covering picked up pace overnight

The EUR has made significant gains against the GBP, CAD, and AUD over the last 24 hours with excessive positioning taking its toll. These moves are seen as retracements in a mature trend, rather than any sudden desire to be long EUR in a QE environment.

The next approximate resistance levels of note in these crosses are .7600 in EUR/GBP, 1.4700 in EUR/AUD and 1.4400 in EUR/CAD.

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