EUR/CHF looks like its forming important technical support at 1.2700 and should go higher. EUR/GBP and EUR/JPY are best described as choppy but the EUR/AUD is also exhibiting some ‘basing’ tendencies. With the USD in sell mode, the path of least resistance for EUR/USD would seem to be up.
It will not happen in a straight line so we can expect fairly deep pullbacks from time to time. I sense that 1.3850 might prove a tough nut to crack over the next few days and with EUR/GBP in a short-term down phase, there should be some selling opportunities intraday as well.
I’d suggest a 1.3770/1.3850 session range with a neutral bias intraday.
