Published at 11:21 (GMT) 22 Feb
The EUR crosses are now following the spot lead, and in the last few minutes, we have seen EUR/GBP hit new session lows through .8620. However, there is a long way down before bears can get excited, as we really need to move back under .8500 before we can 'call time' on the rally here. EUR/JPY hit lows just above 122.50, but there has been lots of 2 way fund interest in this pair, so the likelihood of any sharp moves (in either direction) seem pretty slim just yet. Technically though, if the cross can break through the lows from yesterday (122.26) and 122.00 after that, we could see recent buyers turning tail. Spec buying is a lot more short-term these days, so this is worth taking into account given decent volumes seen here this week.