EURUSD is getting dragged up by the scruff of its neck
As Mike's just pointed out, there's obvious yen action at work here but there's also an element of USD strength.
EURUSD is really only up a modest amount from the morning's lows and that's partly from the pull of the crosses but probably also in part to some mild short covering ahead of the ECB.
EURUSD H1 chart
1.0520/25 has been an S&R point through Feb. It's one of those ones that holds when the the market is moving on no real volume, and thus it's marked the low so far today.
Further up we start hitting yesterday's resistance around 1.0570/75. That level acts in a pretty similar way to 1.0520/25. You can see the H1 ma's lined up on the chart above but there's also the 55 H4 ma at 1.0565 and the 100 H4 at 1.0575, so there's a bit more than natural resistance there. We face further resistance into and above 1.06, with the 55 dma at 1.0605, then more old resistance at 1.0625/30.
A quick look at EURGBP shows that if 0.8700 breaks, there's strong looking resistance around 0.8720.
EURGBP Daily
It's probably safe to say that the euro, in all guises, is likely to keep this upward bias, or at least a non-bearish one, as we rock into the ECB.
