Asia has always been eager to buy the EUR, since the EUR/JPY exploded higher a few months back, and the strong ZEW and Spanish debt auction are giving the bulls some reasons to buy again. The EUR/USD pivot at 1.3350 should now provide support and the ‘logic’ is that one can now buy in preparation for the next bull leg in the crosses.
As I said yesterday, I’d rather be long EUR/USD near present levels but it would be without any huge conviction, more in hope really.