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EUR/USD just cannot bounce as cross rate pressure endures
The rebound above 1.2700 in the GBP/USD and the further slide in the USD/JPY would perhaps leave you thinking the EUR/USD should have followed by at least reclaiming the 1.09 handle? Well, it has not and there is a simple explanation for that. It is all about the Euro crosses. You see the further falls in both the EUR/GBP and the EUR/JPY have stymied any chance for the EUR/USD to rise. The EUR/JPY has continued to correct lower and now fallen back underneath 160 and close to 159 this morning. The EUR/GBP remains under downside pressure too, but off session lows just now. So, the EUR/USD, which closed on Friday at 1.0884. It has traded to a low so far today at 1.0863 and it is not too far above that low right now. The earlier high was set at 1.0895 and hence the Euro has been camped below 1.09 since this time on Friday morning.
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