Lots of different factors at play here with EUR/CHF plays, large barriers in EUR/USD, and Greek/Spanish news dominating. There were press reports over the weekend that Greece will definitely require a third bailout but they haven’t had any impact on the EUR this morning. EUR short-positioning on the futures market has been reduced and whilst this isn’t definitive, it is normally a good broad indicator of overall market positioning. We can expect range-trading mode to continue with parameters at 1.3000/1.3200