TECHNICAL ANALYSIS TEAM, SEB

EUR/USD: "The break lower failed short of the next support, $1.3405 and rallied back to take out the $1.3480 stops. Long shadows on both sides points to a currently balanced market and thus we prefer to hold a neutral view for today."

EUR/JPY: "The pair did yesterday break to a fresh high however only to immediately be sold down into the previous congestion range. The behavior should be annoying to bulls and thus the risk of a profit taking driven move lower has increased."

TECHNICAL ANALYSIS TEAM, JP MORGAN

GBP/USD: "Yesterday's rally on the back of the BoE minutes developed a clear impulsive wave structure, while suggesting additional upside is likely. With the near term setup suggesting some initial pause/pullback, we would view dips to establish long positions. Importantly, the $1.9770 overlap should continue to hold to maintain the upside bias.”

EUR/USD: "Our most popular chart of late, as yesterday's early decline effectively held the key $1.3415 channel support before lifting higher, while allowing us to enter into a long position. We are closely monitoring the $1.3500/30 resistance zone as the failure to extend through here would suggest further range action is likely."

EUR/GBP "Yesterday's decline in EURGBP took on a much more impulsive bias with the break of the 68.30/00 pence supports and following last week's failure near the 68.67 March peak. We maintain our short position as the cross still looks Vulnerable to further short term downside and a better test of the interim range lows near 67.60/50."

USD/JPY: "Where we would be careful is in dollar/yen, as the rally is quickly approaching the important 122.10/20 highs from Jan/Feb, which seems to be an area where some consolidation can develop."