Euro drifted up to 1.2650 yesterday and it still has a little further to go to complete the rise from 1.2460.Any level above 1.2655 will be sufficient for this move.A drop back to the 1.2500/50 region should follow.I expect Euro to remain in the 1.2500/1.2700 range for several days.Although the reaction off 1.2460 provides an opportunity to start a new rally, it is too early to discount a challenge of standard downside objectives for the decline from 1.2860 at 1.2400 and 1.2200.Only a rise through 1.2735 will clear the way for a new rally.
Sterling's drop should pause around 1.8560 and a pullback to 1.8430 should be seen before the rally continues towards 1.8625.
Dollar/Swiss should drift down to 1.2400 initially today but then react back to 1.2500.
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