• Euro softer, market fatigue sets in as volatility (VIX) edges lower

• Given euro's safety bias, calmer markets prompt unwind of longs

• Euro's struggle to reclaim 1.14 hint a market looking exhausted

• EUR/GBP slips through 200-week MA (0.8544), disappointing for bulls

• Further support at 0.8500-05 (100WMA) and below at 0.8465-75

• Month-end flows point to strong USD buying, may add to EUR/GBP pressure

• Difficulties in seeing past a more dovish BoE
EURGBP weekly chart

(Justin McQueen is a Reuters market analyst. The views expressed are his own.)