The pair has followed risk sentiment this morning and seen spot move off support to post a European high at 1.0231. Mixed to positive European Economic data and reports of the creation of a Spanish ‘bad bank’ to hold troubled real estate investments boosted risk sentiment.
Forex Ticket analysts are bearish on the pair and have a targets of 1.017 and 1.014 for this afternoon. With the European calendar complete, the US now comes into focus with MBA Mortgages coming in at 16.6% against 2.8% previous, ADP Employment Change at 12:15 GMT, a Presidential debate at 13:00 GMT and ISM Non Manufacturing PMI at 14:00 GMT.
Meanwhile, European stocks have moved higher whilst US futures are mixed. Commodities are still a bit bearish whilst critical European yields are down and stable.