Credit Agricole still looks to sell EUR on rallies towards or inside the 1.2640-1.2670 range. Says the extent of the rally overnight "reflects how pessimistic market participants had become heading into the EU summit." It adds that the summit's constructive outcome should delay a potential downside breach of the 1.24 level for a fair while, at least until the ECB meeting is out of the way but it remains cautious. EUR/USD now trading sideways at 1.2592.
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