EUR/USD rose during the session on Wednesday, but the truth is that we are simply waiting for the Federal Reserve to make its decision today. The 1.28 level looks like a bit of a floor at the moment, and we certainly look ready to go to the 1.30 level in short order. However, if the Fed surprises by not easing...this pair will fall apart.
The EUR/GBP pair continues to languish around the the 0.80 level, and we think that the pair should continue to do so. After all, both currencies are strong at the moment, and we don't see a clear path higher until we get over the 0.81 handle on a daily close. The trend is still down though....