EUR still looking bearish on the crosses; sell EUR/USD rallies
- EUR/JPY has been leading the way this week, falling almost 400 pips from highs to lows. More to come I suspect and I expect to see 135.00 early next week.
- EUR/GBP is threatening to close below .7760 on a weekly basis, which would be a technically bearish event.
What does this mean for EUR/USD? The break below 1.1750 failed to generate fresh momentum so we might see some short-term short-covering kick in, especially if cable takes on a bid tone for a few sessions. But, I’d be looking to sell into that rally in EUR/USD, perhaps around 1.1875ish?