EUR/USD continued to rise on Thursday as traders react to the possible multinational effort to recapitalize the EU's banks. The "risk on" attitude over the last few days also has helped. However, we feel this move will eventually gives us a chance to sell from higher levels.
EUR/GBP rose rapidly on Thursday as the Bank of England announced it was going to expand its bond buying program, signalling more quantitative easing. The reaction lifted the pair straight to resistance, and we feel it will continue to hold. Selling rallies at this point is probably the way to go.
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