The EUR is looking very strong again on the crosses, making gains against all the other majors over the last 24 hours. The latest batch of analysts at my old employer Deutsche Bank swung from being ueber-bullish at 1.35 to being ueber-bearish at 1.28, which was the ultimate death knell for EUR bears 🙂 Range trading ad infinitum.
Sell orders between 1.2940/50 are likely to cap the EUR/USD pre-Bernanke, at least that’s what the interbank gurus are telling me, and any dips below 1.2900 will probably run into cross-related buying. All looks very uninspiring still.
I fancy the GBP will have a bit of a rebound today during early London trade (talking my position as always) but I don’t have any strong reasoning behind this; the trader’s Illogic we’ll call it.