Euro/crosses may be signaling another move higher for EUR/USD. The crosses have certainly led EUR/USD recently. Although today's macro buying is largely just short-covering, it is a broad move, that sees even the most favoured currencies losing ground versus the FX market's most favored sell. Doubts about SNB diversification after earlier SNB data may have been the starter for profit taking on euro/crosses. If the move gathers momentum, and the likelihood of the ECB spurring more profit taking, suggests it does, then EUR/USD could soon rally more strongly.
EUR/USD Jun 19 at 06:22 GMT
1.3391/95 (0.01%)
H1.3403 L 1.3384
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