The beginning of a EUR bull move on the crosses?
Well I for one certainly hope so as I’m long EUR/AUD and EUR/GBP through the legs (I’ve given up on building EUR/JPY longs for now as I think my timing might be slightly wrong). My reasoning remains the same that the Greek debt deal, flawed as it might be, has taken a couple of months worth of EUR negative headlines off the newswires and without fuel, the bear fire will ebb and die. Banks like Deutsche (after all the biggest player in the market by some margin) consistently report that real money EUR buyers outweigh sellers to a significant degree, so if the speculative selling stops, or even turns to buying, then the EUR must rise.
Whether EUR/USD trades sideways 1.28/1.32 and the other pairs like cable and AUD/USD fall? Or whether the EUR/USD races higher and the other pairs lag? Don’t know, but time will tell I’m sure.