The nature of the funds management industry means that there are a lot of hedge funds and CTAs who don’t necessarily specialise in the FX market, but who try and jump on trades nonetheless as they start to emerge. Many will be jumping on the EUR bear wagon now. The big question is whether we are seeing the beginning of a major trend or is this just the latest in a long line of false breaks. My personal opinion is that the market doesn’t presently have enough momentum to start a big move in either direction and that an almost 10 big figure drop in EUR/USD is recent weeks is probably enough for now.