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There hasn’t been any fresh data to go on but investors just continue to work off positive sentiment around emerging markets. The highlight of the European session was comments by ECB President Mario Draghi which essentially confirmed that action will be taken at the June 5 policy meeting. This gave risk currency pairs a bit of a lift this morning with the single currency continuing the positive momentum seen in European trade.
EUR/USD managed a high of 1.367 in Asia and I still feel traders may be looking to short the pair into strength. The pair has been trading below the 200-day moving average since May 8 and rejected this level on an attempted recovery on May 21. Perhaps any recovery to this level could be taken as an opportunity for fresh selling. This level comes in at 1.368 and also considering the RSI is at its highest level since the beginning of May, then there is real merit in the idea that the pair is a bit overbought at the moment. I feel we are likely to see the overnight lows tested again in the near term.