Traders report steady interest from a Middle Eastern account to soak up EUR/USD below the 1.3750 level. Asian central banks have been spotted as well.

There is a strong area of support in the 1.3700/35 area, so it looks as low the easy money has already been made on EUR/USD shorts.

That’s not to say that EUR/USD can’t fall further, it just has to work at it. Look at the 82.00 level in USD/JPY. It was not easy to surmount, but once the market worked through that level, it was off to the races. Consider 1.3700 to be the equivalent of 82.00 in USD/JPY, a key area.