One of the benchmark European equity indices, the CAC 40, is repeatedly posting bullish signals. This is an encouraging sign for the EUR, especially given that EUR/USD is trying to unwind from oversold conditions and is holding above support areas. The EUR crosses could lead the rally, and as such, our focus is on recent peaks in EUR/GBP and the top of an unfolding Bull Flag in EUR/JPY. A break above 126.00 in EUR/JPY would likely be a strong signal for a broader EUR bid unfolding.
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Barclays