Whose correction is it?

Hard to tell whether the oversold dollar is rebounding or the overbought EUR is correcting. Given the ongoing strength in AUD, I guess we have to vote in favor of the euro correction.

EUR/JPY and EUR/CHF are quite a bit lower this morning (though off their lows) while EUR/GBP is an outlier, firmer in a tight range.

EUR/USD is consolidating overnight losses near-the top of its rebound range, at 1.3850. Offers are eyed in the 1.3880/90 area if we re-establish a toehold above 1.3850.