If you caught a move, the 'ugly' isn't so ugly after all...
The market has seen some random action as the week and month come to an end for European traders.
EURUSD
The EURUSD has seen good buying all through the NY session. Is it month end? Is it the DB chatter? Probably a combination of both. Add a technical break above all sorts of MAs and you can say it is a combination of many things.
EURGBP
The EURGBP raced higher with the EURUSD up to a point and has moved back down post the fixing and trades back below the 100 hour MA at the 0.8637 currently. At the highs the pair squeezed above a nice trend line, but that break technically failed. Looks like month end flows.
GBPUSD
The GBPUSD was not really playing up to the fixing. Trading was choppy - up and down mostly with no discernible trend. After the fixing the buyers came in and pushed the price higher. With the EURGBP reversing course, it may have been traders scrambling to hedge that decline by buying the GBPUSD piece. The 1.3031 is a technical level above to eye going forward (on the topside). Below the 100 and 200 hour MAs at 1.2989-96 are support (buyers at 1.3000?).
AUDUSD
The AUDUSD has seen a bid come in during the NY session. The moves may be attiributed to more favorable stock markets and technical breaks. The pair moved back above the 200 hour MA as the 0.7632 level. The pair has moved sharply higher from there and tests the underside of a broken trend line at the 0.7672 level (the high reached 0.76707). Look for sellers against the level with stops above now.....
