The important level for me in the EUR/USD is 1.3475 which is the big 61.8% retracement level (1.2450/1.5140). If this goes then the pressure will really be back on the downside. Similarly in cable, levels around 1.5500 are the big ones for me and if a base can form around there then there’s the chance of a significant rally. I suspect that both pairs will depend on the JPY crosses for volatility during our session.